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governor kemp wants to introduce a tax on owners of luxury vehicles of $1000 per year. he defines luxury vehicles as those manufactured by a

governor kemp wants to introduce a tax on owners of luxury vehicles of $1000 per year. he defines luxury vehicles as those manufactured by a foreign company with a suggested retail price of $50,000 or more when sold new. He finds that there are currently 100,000 such vehicles currently registered in the state of Georgia. Therefore, this tax would generate an additional $100 million in tax revenue for the state of Georgia each year. True/false? explain.

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