Question

If tax rates are 10% on income up to $10,000, 20% for income between $10,001 and $20,000, and 30% for income over $20,000, the total tax payment for a person earning $25,000 is approximately:______.

Answer 1

If tax rates are 10% on income under $10,000, 20% between $10,000 and $20,000, and 30% over $20,000, the total tax payment for a person making $25,000 is almost equal to the national deficit.

How much is the country's deficit?

The eighth month of FY2022, May 2022, saw a deficit of $63 billion, according to the Congressional Budget Office. This deficit, which was lower than the $132 billion shortfall in May 2021, was the difference between $389 billion in receipts and $452 billion in expenditures.

The federal government had a $211 billion deficit in July 2022, down from a $302 billion deficit in the same month the previous year.

To learn more about national deficit, refer to:

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