ABC Inc. has an income tax rate of 30% and gross income of $470 million in each of the last two years. In the first year, total deduction were $160 million. In the second year, deduction were $120 million. what is the difference in income taxes paid by the company in the 2 years? Show your calculations.

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To calculate the income taxes paid by ABC Inc in each of the two years we first need ... View the full answer