Congress would like to increase tax revenues by 85assume, Ask an Expert

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Congress would like to increase tax revenues by 8.5%.

Assume that the average taxpayer in the U.S. earns $59,000 and pays an average tax rate of 20%.

If the income effect is in effect for all taxpayers, what average tax rate will result in an 8.5% increase in tax revenues?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91946949

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