Question 3 Assume the City of Norfolk used the following tax schedule for individuals: Income Tax 0-50,000 11% 50,001-100,000 8% 100,001 + 5% a. Briefly define horizontal and vertical tax equity (no more than two sentences per term). b. Mr. Monarch earned $150,000 this year. Compute his (1) Norfolk city tax, (2) average tax rate, and (3) marginal tax rate. c. Is the city of Norfolk's individual rate schedule regressive, proportional or progressive and what is the reasoning for your