Congress would like to increase tax revenues by 8 percent, Ask an Expert

Accounting

Congress would like to increase tax revenues by 8 percent. Assume that the average taxpayer in the United States earns $43,000 and pays an average tax rate of 30 percent.

If the income effect is in effect for all taxpayers, what average tax rate will result in a 8 percent increase in tax revenues? (Round your answer to 2 decimal places.)

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Category:- Financial Accounting
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