$2.$ Suppose a tax payer faces a federal marginal income tax rate of $25\%$ and pays local property taxes of $$2,000$ per year. a$.$ Assume the taxpayer itemizes federal deductions and, thus, deducts the local property tax. No state income tax deduction for local taxes exists. What is the net after$-$tax cost of property taxes to this taxpayer? b$.$ Suppose the state introduces an income tax credit of $25\%$ of property taxes up to a maximum of $$600.$ What is the taxpayer$$s net property tax cos now? $($Remember that the state income tax is also deducted against the federal tax.$)$ How much does the net cost fall because of the credit?