Turn back to Table 3.7, which shows marginal personal tax rates. Make a table in Excel that

Question:

Turn back to Table 3.7, which shows marginal personal tax rates. Make a table in Excel that calculates taxes due for income levels ranging from $10,000 to $10 million.
a. For each income, calculate the average tax rate of a single taxpayer. Plot the average tax rate as a function of income.
b. What happens to the difference between the average and top marginal tax rates as income becomes very large?

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a Income Taxes Due Average Tax Rate 10000 1000 1000 20000 2546 127...View the full answer

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