In Taxland, the first $10,000 earned per year is exempt from taxation. Between $10,000.01 and $30,000, the
Question:
a. How much in taxes will you have to pay?
b. What is your average tax rate? Your marginal tax rate?
c. Taxland has just changed to a tax credit system in which, in lieu of any exemption, eligible individuals are given a check for $4,000. The two systems are designed to bring in the same amount of revenue. Would you favor or oppose the changes? Why?
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a You will pay no tax on the first 10000 5000 on the next ...View the full answer
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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