Assume that the government proposes a negative income tax that calculates the taxes owed as follows: Taxes Owed = (1/3*Income)- 10,000.A family that earns an income of $60,000 will

Name: Assume that the government proposes a negative income tax that calculates the taxes owed as follows: Taxes Owed = (1/3*Income)- 10,000.A family that earns an income of $60,000 will
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For an income of $60,000, Taxes Owed = (1/3 * 60,000) - 10,000 = 20,000 - 10,000 = 10,000. Thus, the family will pay $10,000 in taxes.

Assume That the Government Proposes a Negative Income Tax That