Question: 1. Distinguish between a progressive and a regressive tax. 2. What is a marginal tax bracket, and how does it affect taxpayers? 3. Explain why

1. Distinguish between a progressive and a regressive tax.
2. What is a marginal tax bracket, and how does it affect taxpayers?
3. Explain why some taxpayers have a marginal tax rate as high as 40 percent.

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