Question
Joe Smith earned $50,000 and paid taxes of $10,000. Mary Miller earned $60,000 and paid taxes of $12,000. If these taxes were paid to the
Joe Smith earned $50,000 and paid taxes of $10,000. Mary Miller earned $60,000 and paid taxes of $12,000. If these taxes were paid to the same government agency, is the tax on income progressive, regressive, or proportional? Why did you reach this conclusion?
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Financial Modeling
Authors: Simon Benninga
2nd Edition
0262024829, 9780262024822
