Say that Thailand has a workforce of 35,709,487 people, each of whom earns an average salary of (equivalent USD) $8,630 annually. If the Thai government wants to raise $70 billion in tax revenue, approximately where should it set the income tax rate?

Question

Mathematics

Tyrese Jenkins

20 July, 20:12

Say that Thailand has a workforce of 35,709,487 people, each of whom earns an average salary of (equivalent USD) $8,630 annually. If the Thai government wants to raise $70 billion in tax revenue, approximately where should it set the income tax rate?

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Cecilia Wilcox · Answer 1

First we have to multiply the number of working people by their average annual salary: 35,709,487 * $8630 = $308,172,872,810. Then we have to calculate which percent of that sum represents $70,000,000,000. r = (70,000,000,000 / 308,172,872,810) * 100 = 22.7%. Answer; The income tax rate should be approximately 22.7%.