Start from
It may be useful to multiply the whole expression by 2, in order to get rid of denominators:
Distribute the negative sign in the left hand side:
Move all terms involving x to the left, and all constants to the right:
Sum like terms:
DIvide both sides -5:
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.
If the Thai government wants to raise $70 billion in tax revenue,
Then,
The income tax rate is,
Hence, The income tax rate must be 29%.
For more details refer to the link given below.
