Steve Forbes ran for U.S. president in 1996 and 2000 on a platform proposing a 17% flat tax, that is, an income tax that would simply be 17% of each tax payer's taxable income. Suppose that Joe was single in the year 2016 with a taxable income of $300,000. We learn that Joe actually made $600,000, but his taxable income was only $300,000 because of various deductions allowed by the system in 2016. Proponents of the flat tax say that many of these deductions should be eliminated, so the 17% flat tax should be applied to Joe's entire $600,000. How much income would Joe have to make for the 17% flat tax to equal the amount he pays in the year 2016 with a taxable income of $300,0007 (Refer to the 2016 Tax Table for Singles for tax rates. Round your answer to the nearest cent.) $ 2016 Tax Table for Singles If Taxable Income The Tax is Of the excess over Is over But not over This amount Plus this % Schedule X-Use if your filing status is Single $0 $9275 10 % 9276 37,650 $927.50 15% 37,651 91,150 5183.75 25 % 91,151 190,150 18,558.75 28 % 190,151 413,350 46,278.75 33 % 413,351 415,050 119,934.75 35% 415,051 120,529.75 39.6 % $0 9275 37,650 91,150 190,150 413,350 415,050