Atter Flat tax. Steve Forbes ran for U.S. president in 1996 and 2000 on a platform proposing a 17% flat tax, that is, an income tax that would simply be 17% of each tax payer's taxable income. Suppose that Alice was single in the year 2020 with a taxable income of $30,000 and that Joe was single in the year 2020 with a taxable income of $300,000. 2020 Tax Table for Singles If Taxable Income Is over $0 9876 40, 126 85,526 163,301 207,351 But not over $9875 40, 125 85,525 163,300 207,350 518,400 This amount $987.50 4617.50 14,605.50 33, 271.50 47,367.50 The Tax is Plus this % 10% 12% 22% 24% 32% 35% of the excess over $0 9875 40, 125 85,525 163,300 207,350

Atter Flat tax. Steve Forbes ran for U.S. president in 1996 and 2000 on a platform proposing a 17% flat tax, that is, an income tax that would simply be 17% of each tax payer's taxable income. Suppose that Alice was single in the year 2020 with a taxable income of $30,000 and that Joe was single in the year 2020 with a taxable income of $300,000. 2020 Tax Table for Singles If Taxable Income Is over $0 9876 40, 126 85,526 163,301 207,351 But not over $9875 40, 125 85,525 163,300 207,350 518,400 This amount $987.50 4617.50 14,605.50 33, 271.50 47,367.50 The Tax is Plus this % 10% 12% 22% 24% 32% 35% of the excess over $0 9875 40, 125 85,525 163,300 207,350

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 33DQ

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