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Economics: The Basics 1st Edition by Mike Mandel
Edition 1ISBN: 978-0071316026Economics: The Basics 1st Edition by Mike Mandel
Edition 1ISBN: 978-0071316026 Exercise 4
Suppose our tax system imposed a 30 percent tax rate on income up to $50,000 and a 10 percent tax rate on income over $50,000.
a) Would this tax system be progressive or regressive?
b) The Social Security tax is 6.2 percent of wages, up to a maximum of $97,500 in 2007. For incomes above that maximum, no additional taxes are paid. Is the Social Security tax progressive or regressive?
a) Would this tax system be progressive or regressive?
b) The Social Security tax is 6.2 percent of wages, up to a maximum of $97,500 in 2007. For incomes above that maximum, no additional taxes are paid. Is the Social Security tax progressive or regressive?
Explanation
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When high income household pays higher s...
Economics: The Basics 1st Edition by Mike Mandel
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