Huang and Yin both live in two periods, i.e. s=0 and s=1. Both have earnings of

$1,000 in the current period and zero in the future period. The interest rate is 10%.

Both income tax rate t and proportional consumption tax rate?are 50%. Suppose that

they are each subject to an income tax or a proportional consumption tax as shown in

the table, and Huang's current period consumption is $300 while Yin's is $400.

Please fill in the table and answer (1) who has the higher present value of the lifetime

income tax burden and consumption tax burden? (2)For Yin, is her lifetime income tax

burden higher, less than or equal to her consumption tax burden?

6.(

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