Essay
Mr. Ohno owns and operates a part-time service business that generates $80,000 annual taxable income. Assume that his federal tax rate on this income is 17%. Because of recent legislation, this rate will increase to 25% next year.
Based on a static forecast, how much additional revenue will the federal government collect from Mr. Ohno next year?How much additional revenue will the federal government collect if Mr. Ohno decides to work fewer hours and consequently earns only $50,000 next year?
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