US federal income tax is progressive by law, but which best explains why is it sometimes regressive in practice?
High-income earners can fight in court for the right to a reduced rate.High-income earners reduce their tax rates through numerous deductions.High-income earners use tax laws to their advantage to reduce their tax rates.High-income earners always place their assets overseas to lower their tax rates.
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Marco Polo is in the business of racing boats. For 2016 it has $5,000,000 of taxable income before the following transactions. It has nonrecaptured Sec. 1231 losses of $1...May 14 2021