In Problem 6-12, what was the companys marginal city income tax rate in 2021? Did this company
Question:
In Problem 6-12, what was the company’s marginal city income tax rate in 2021? Did this company experience proportional, progressive, or regressive taxation? Explain briefly.
Data From Problem 12
Between 2020 and 2021, the income received by a company located in a city rose from $5,000,000 to $6,000,000. The annual city income taxes that the company paid increased from $250,000 to $500,000. What was the company’s average city income tax rate in each year?
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To calculate this companys marginal income tax rate we divide ...View the full answer
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