Tax Problem (10 Points) Name The Build Back Better legislation is still in negotiations in Congress. Listed below are the current and propsed tax rate changes. Compute the following based on the information below, assuming all Net Income is paid to you as a dividend. a. Prepare an Income Statement for both current and proposed rates. Assume the Net Income at the bottom of each Income Statement is taxed to you at the current and proposed dividend rates. b. Calculate the Total Tax (Corporate and Dividend) c. Calculate the Effective Tax Rate for both the current and proposed rates. Sales COGS Operating Expenses Interest Present Tax Rate Corp Present Personal Dividend Rate Proposed Biden Tax Rate Corp Proposed Biden Personal Dividend Rate $ 20,000,000 65% $ 2,000,000 $ 1,000,000 21% 20% 28% 39%