Business, 03.11.2020 16:30, satwikap3304

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 Joe was single in the year 2016 with a taxable income of $450,000. We learn that Joe actually made $900,000, but his taxable income was only $450,000 because of various deductions allowed by the system in 2016. Proponents of the flat tax say that many of these deductions should be eliminated, so the 17% flat tax should be applied to Joe's entire $900,000. What would Joe's tax be under the 17% flat tax

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Steve Forbes ran for U. S. president in 1996 and 2000 on a platform proposing a 17% flat tax, that i...