Problem
Supply the following facts. Most can be found in the Barro textbook.
1. What was the ratio of nominal outstanding public debt to GNP for the U.S. in 1996?
2. About what was the highest debt/GNP ratio experienced by the U.S. since 1900? In what year?
3. According to Barro, about what was the highest marginal tax rate paid by the "average" American since 1900? In what year?
4. Illinois has a standard deduction of about $2000. Every dollar of income after that is taxed at a constant rate (a "flat" tax). What is that rate?
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.