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The progressive tax rates in an economy are 0% for the first $10,000 income, 10% for income between $10,000 and $50,000, 20% for income between
The progressive tax rates in an economy are 0% for the first $10,000 income, 10% for income between $10,000 and $50,000, 20% for income between $50,000 and $150,000, and 30% for income above $150,000. What is the marginal tax rate for someone who have an income of $120,000?
a.10%
b.20%
c.30%
d.22.5%
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