The Sampsons tax bracket has not changed. Assuming that Dave contributes $7,000 to his retirement account and
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Question:
The Sampsons’ tax bracket has not changed. Assuming that Dave contributes $7,000 to his retirement account and that his taxes are lower as a result, by how much are Dave’s cash flows reduced over the coming year? (Refer to your answer in question when solving this problem.).
Question
Assuming that Dave’s marginal tax bracket is 25%, by how much should his federal taxes decline the year if he contributes $7,000 to his retirement account?
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