Congress would like to increase tax revenues by 5 percent, Financial Accounting

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Congress would like to increase tax revenues by 5 percent

Congress would like to increase tax revenues by 5 percent. Assume that the average taxpayer in the United States earns $40,000 and pays an average tax rate of 20 percent. a. If the income effect is in effect for all taxpayers, what average tax rate will result in a 5 percent increase in tax revenues?

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Financial Accounting: Congress would like to increase tax revenues by 5 percent

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