Problem
Dick DeWolf and his wife have a total taxable income of $60,000 this year and file a joint federal income tax return. If inflation continues for the next 20 years at a 7% annual rate, Dick wonders what their taxable income must be to provide the same purchasing power after taxes. Assuming the federal income tax rate table is unchanged, what must their taxable income be 20 years from now?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.