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Consider the table below It shows a hypothetical income tax schedule expressed in nominal terms for the year 2012 Family income Taxes due percent of income

Consider the table below. It shows a hypothetical income tax schedule, expressed in nominal terms, for the year 2012: Family income Taxes due (percent of income) < $20,000……………………. 10 $20,001-$30,000………………… 12 $30,001-$50,000……………… 15 $50,001-$80,000……………… 20 > $80,000……………………. 25 The legislature wants to ensure that families with a given real income are not pushed up into higher tax brackets by inflation. The CPI (times 100) is 175 in 2012 and 185 in 2014. How should the income tax schedule above be adjusted for the year 2014 to meet the legislature s goal?

May 15 2020 View more View Less

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