Congress would like to increase tax revenues by 5 percent. Assume that the average taxpayer in the United States earns $40.000 a pays an average tax rate of 20 percent. Required: a. If the income effect is in effect for all taxpayers, what average tax rate will result in a 5 percent increase in tax revenues? Note: Round your answer to 2 decimal places. b. This is an example of what type of forecasting? Complete this question by entering your answers in the tabs below. If the income effect is in effect for all taxpayers, what average tax rate will result in a 5 percent increase in tax revenues? Note: Round your answer to 2 decimal places. Congress would like to increase tax revenues by 5 percent. Assume that the average taxpayer in the United States earns $40,000 and pays an average tax rate of 20 percent. Required: a. If the income effect is in effect for all taxpayers, what average tax rate will result in a 5 percent increase in tax revenues? Note: Round your answer to 2 decimal places. b. This is an example of what type of forecasting? Complete this question by entering your answers in the tabs below. This is an example of what type of forecasting