Tom earns $35,000 per year. The income tax rate on incomes below $20,000 is 10 percent. The rate on income between $20,001 and $35,000 is 15 percent. Which of the following is/are true? a. The income tax is regressive.
b. Tom's marginal income tax rate is 15 percent.
c. The income tax is progressive.
+1
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Tom earns $35,000 per year. The income tax rate on incomes below $20,000 is 10 percent. The rate on income between $20,001 and $35,000 is ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Home » Business » Tom earns $35,000 per year. The income tax rate on incomes below $20,000 is 10 percent. The rate on income between $20,001 and $35,000 is 15 percent. Which of the following is/are true? a. The income tax is regressive. b.