A marginal tax rate of 47 percent on taxable income of $150 000 implies that
A) an individual with this taxable income would pay $70 000 in income tax.
B) the tax system is progressive.
C) the income tax payable on any dollar earned above $150 000 is 47 cents.
D) the tax system is horizontally equitable.
E) the average tax rate is also 47 percent.
Correct Answer:
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