Exercise 5 In New York workers face a state income tax rate of about 6.5%. In addition, workers who reside in New York City also face a city income tax of 3.5%. 1. In the long run, for which tax do workers bear a larger share of the incidence? Explain. 2. How would your answer to part (1) change if the city tax were temporary (lasting just a year). Explain. 3. How would your answers to parts (1) and (2) change if the city tax were on those who earned their money in New York City, and did not depend on city of residence