Homework Help is Here – Start Your Trial Now!
Business
Economics
If one assumes the tax cut is $245 billion, how much are taxes cut (in dollars) for families in the $200,000 and over income bracket? How much are taxes cut (in dollars) for families in the $20,000 to $30,000 income bracket.

If one assumes the tax cut is $245 billion, how much are taxes cut (in dollars) for families in the $200,000 and over income bracket? How much are taxes cut (in dollars) for families in the $20,000 to $30,000 income bracket.

Principles of Microeconomics (MindTap Course List)
Principles of Microeconomics (MindTap Course List)
8th Edition
ISBN:9781305971493
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter6: Supply, Demand And Government Policies
Section: Chapter Questions
Problem 4PA
See similar textbooks
icon
Related questions
Question

1. If one assumes the tax cut is $245 billion, how much are taxes cut (in dollars)
for families in the $200,000 and over income bracket? How much are taxes cut
(in dollars) for families in the $20,000 to $30,000 income bracket.

Two graphs representing the 1995 tax cut, New York Times, April 7, 1995. ON THE OTHER HAND….. Two Views of a Tax Cut Republican Math: An Even Cut Across the Board How much taxes would fall for families in each group Source House Ways and Means Committee Democratic Math: A Select Few Get the Benefits SHARE OF TAX CUTS Share of tax cuts assigned to each income group Source Treasury Dept 2.3% 3.4% 0 to $10,000 $10,000 to $20,000 0.2% 1.3% 3.9% $20,000 to $30,000 0 to $10,000 $10,000 to $20,000 3.3% 4.3% 4.4% 4.4% $20,000 to $30,000 $30,000 to $40,000 11.6% $30,000 to $50,000 4.0% $40,000 to $50,000 $50,000 to $75,000 $75,000 to $100,000 16.4% $50,000 to $75,000 $200,000 and over $100,000 to $200,000 3.7% 15.2% $75,000 to $100,000 23.4% 3.7% 28.1% $200,000 and over $100,000 to $200,000
Transcribed Image Text:Two graphs representing the 1995 tax cut, New York Times, April 7, 1995. ON THE OTHER HAND….. Two Views of a Tax Cut Republican Math: An Even Cut Across the Board How much taxes would fall for families in each group Source House Ways and Means Committee Democratic Math: A Select Few Get the Benefits SHARE OF TAX CUTS Share of tax cuts assigned to each income group Source Treasury Dept 2.3% 3.4% 0 to $10,000 $10,000 to $20,000 0.2% 1.3% 3.9% $20,000 to $30,000 0 to $10,000 $10,000 to $20,000 3.3% 4.3% 4.4% 4.4% $20,000 to $30,000 $30,000 to $40,000 11.6% $30,000 to $50,000 4.0% $40,000 to $50,000 $50,000 to $75,000 $75,000 to $100,000 16.4% $50,000 to $75,000 $200,000 and over $100,000 to $200,000 3.7% 15.2% $75,000 to $100,000 23.4% 3.7% 28.1% $200,000 and over $100,000 to $200,000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Tax Rates
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Microeconomics (MindTap Course List)
Principles of Microeconomics (MindTap Course List)
Economics
ISBN:
9781305971493
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Macroeconomics (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:
9781285165912
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics, 7th Edition (MindTap Cou…
Principles of Economics, 7th Edition (MindTap Cou…
Economics
ISBN:
9781285165875
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Microeconomics: Principles & Policy
Microeconomics: Principles & Policy
Economics
ISBN:
9781337794992
Author:
William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS