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Within the current tax system, Bill pays a flat percentage of 19% in income tax on his $56,000 yearly income. There is a new proposed
Within the current tax system, Bill pays a flat percentage of 19% in income tax on his $56,000 yearly income. There is a new proposed tax plan that would allow the first $25,000 to be taxed at 8% and the rest to be taxed at 22%. How much more, or less, will Bill pay in the new tax system compared to the current? Daisy currently earns $67,500 annually and she pays 22% in income taxes. There is a new proposal that would allow the first $15,000 to be taxed at 5%, the next $15,000 to be taxed at 10%, and anything over the initial $30,000 is taxed at 25%. What is the difference in her current income tax amount to the new proposal? Philip currently earns $84,000 annually and pays $19,320 in income tax. Under a new proposal, he would pay $20,580. What is the difference in income tax rates (percentage) of the two proposals
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