In 2017, the top US marginal income tax bracket was 39.6% for all taxable income above $470,701 for a married couple filing jointly. In 2018, the top marginal tax bracket is 37% for all taxable income above $600,000. Income in the $470,701 to $600,000 range will be taxed at 35%. 1) How much less taxes will be paid on income in the $470,701 to $600,000 range for a taxpayer whose income exceeds $600,000? 2) Diamond and Saez claim the "consensus" estimate of the elasticity of taxable income with respect to the after tax rate is 0.25. Assuming this, how would the taxable income change of a couple whose taxable income previously is 600,000 as a result of the new tax rates? 3) How would total taxes paid be affected by the new law for this couple? (Ignore any tax rate changes for income under $470,701.) 4) Repeat questions 2 and 3 for Feldstein's lower bound estimate of the elasticity of taxable income with respect to the after tax rate of 1.04. 5) Repeat questions 2 and 3 for Feldstein's upper bound estimate of 3. That's all info For the first question, it is for 2018, because there is no difference between the two ranges in 2017