Problem
Tax Rates Suppose taxes are related to income level as follows:
Income Taxes
$1,000 $ 200
$2,000 $ 350
$3,000 $ 450
a. What percentage of income is paid in taxes at each level?
b. Is the tax rate progressive, proportional, or regressive?
c. What is the marginal tax rate on the first $1,000 of income? The second $1,000? The third $1,000?
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.