The income tax rate must be 29%.
Given that,
Thailand has a workforce of 35,709,487 people, each of whom earns an average salary of (equivalent USD) $8,630 annually.
If the Thai government wants to raise $70 billion in tax revenue,
We have to find,
The approximately where should it set the income tax rate?
According to the question,
Thailand has a workforce of 35,709,487 people, each of whom earns an average salary of (equivalent USD) $8,630 annually.
![\rm Total \ income = Number \ of \ people \times Income \ per \ person\\\\Total \ income = 35,709,487 \times 8,630\\\\Total \ income = 308,172,872,810](https://tex.z-dn.net/?f=%5Crm%20Total%20%5C%20income%20%3D%20Number%20%5C%20of%20%5C%20people%20%5Ctimes%20Income%20%5C%20per%20%5C%20person%5C%5C%5C%5CTotal%20%5C%20income%20%3D%2035%2C709%2C487%20%5Ctimes%208%2C630%5C%5C%5C%5CTotal%20%5C%20income%20%3D%20308%2C172%2C872%2C810)
If the Thai government wants to raise $70 billion in tax revenue,
Then,
The income tax rate is,
![\rm Tax\ rate = \dfrac{70,000,000,000,}{308,172,872,810}\\\\Tax \ rate = 0.29\\\\Tax \ rate = 29 \ percent](https://tex.z-dn.net/?f=%5Crm%20Tax%5C%20%20rate%20%3D%20%5Cdfrac%7B70%2C000%2C000%2C000%2C%7D%7B308%2C172%2C872%2C810%7D%5C%5C%5C%5CTax%20%5C%20rate%20%3D%200.29%5C%5C%5C%5CTax%20%5C%20rate%20%3D%2029%20%5C%20percent)
Hence, The income tax rate must be 29%.
For more details refer to the link given below.
brainly.com/question/16016455