Concept explainers
Millionaire's Tax Rate The effective tax rate for a head of household earning the equivalent of $1 million in non-investment income in 2010 dollars can be modeled by the function
where x is the number of years after 1900.
a. Graph the function for
b. According to the model, what was the tax rate for a millionaire head of household in 1990?
c. In 2010, with President Bush’s tax cuts in effect, the tax rate was 32.4%. Does the model agree with this rate?
(Source: The Tax Foundation)
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