1.1 The following table lists the tax rates for the United Kingdom in 2018: Band Taxable Income...

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1.1 The following table lists the tax rates for the United Kingdom in 2018: Band Taxable Income Tax Rate Personal allowance Up to £11,850 0% Basic rate £11,851–£46,350 20% Higher rate £46,351–£150,000 40% Additional rate Above £150,000 45%

For income levels of $10,000; $30,000; $50,000; $140,000; and $200,000, calculate taxes due and compute the average tax rate. Plot the average tax rate on a graph with income along the horizontal axis. Is the tax proportional, progressive, or regressive? Explain why.

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Principles Of Microeconomics

ISBN: 9780691150093

13th Global Edition

Authors: Karl E. Case, Ray C. Fair, Sharon E. Oster

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