Question

9. Based on what you've read in this chapter, how does the tax rate mentioned in the

Answer 1

The total amount of income, assets, purchases, transactions, and other economic activity that is subject to taxation by a taxing authority is known as the tax base.

How do US tax rates compare to those in other countries?

In 2018, the total amount of taxes collected by the US government in all levels was 24 percent of GDP, while the average for the other 35 members of the Organisation for Economic Co-operation and Development was 34 percent.

What determines the tax rate's amount?

tax averaging and marginal tax rates The entire amount of taxes due divided by the taxable income yields the average tax rate (or tax base). The tax rate applied to the final dollar of taxable income is known as the marginal tax rate.

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