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Assume that Congress amends the tax law to provide for a maximum 20 percent rate on royalty income. Calculate the annual tax savings from this

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Assume that Congress amends the tax law to provide for a maximum 20 percent rate on royalty income. Calculate the annual tax savings from this new preferential rate to each of the following taxpayers. a. Ms. A, who is in a 37 percent marginal tax bracket and receives $8,000 royalty income each year. b. Mr. B, who is in a 32 percent marginal tax bracket and receives $15,000 royalty income each year. c. Mr. C, who is in a 10 percent marginal tax bracket and receives $3,000 royalty income each year. d. Mrs. D, who is in a 24 percent marginal tax bracket and receives $70,000 royalty income each year, Annual tax savings Annual tax savings Annual tax savings Annual tax savings d

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