Required: Assume a traditional tax sheltel calculate the effects of an increase of 1% in the lowest tax bracket to an increase of \% in the highest tax bracket. SPREADSHEET 21.6 Saving with a progressive tax TABLE 21.3 Income tax schedule used for the progressive tax \begin{tabular}{|ccccc} Taxable Income* Over & But Not Over & The Tax Is & of the Amount Over \\ \hline$ & 0 & $50,000 & 0+20% & $ \\ 50,000 & 150,000 & 10,000+30% & 50,000 \\ 150,000 & & 40,000+40% & 150,000 \end{tabular} Required: Assume a traditional tax sheltel calculate the effects of an increase of 1% in the lowest tax bracket to an increase of \% in the highest tax bracket. SPREADSHEET 21.6 Saving with a progressive tax TABLE 21.3 Income tax schedule used for the progressive tax \begin{tabular}{|ccccc} Taxable Income* Over & But Not Over & The Tax Is & of the Amount Over \\ \hline$ & 0 & $50,000 & 0+20% & $ \\ 50,000 & 150,000 & 10,000+30% & 50,000 \\ 150,000 & & 40,000+40% & 150,000 \end{tabular}