In 2002 the us federal government levied a tax of 3 percent, Finance Basics

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In 2002 the us federal government levied a tax of 3 percent

Question: In 2002, the US federal government levied a tax of 3 percent on that part of a car's price exceeding $40,000. (For example, the tax liability on a $50,000 car would be 0.03 x ($50,000 -$40,000), or $300.) Discuss the efficiency, equity, and administrability of this "luxury car tax."

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