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maxonik [38]
3 years ago
13

Say 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, approximately where should it set the income tax rate? a. 5% b. 15% c. 23% d. 29% Please select the best answer from the choices provided A B C D
Business
2 answers:
Masteriza [31]3 years ago
5 0

Answer:

The answer is C: 23%

Explanation:

My name is Ann [436]3 years ago
4 0

Answer:

Ans. c) Income tax rate must be 23%

Explanation:

Hi, the total income of Thailand´s workforce is:

Total Income=35,709,487 people*\frac{8,630}{person} = 308,172,872,810

Since Thailand´s government needs to raise $70,000,000,000, the tax rate has to be:

TaxRate=\frac{70,000,000,000}{308,172,872,810} =0.23

So Thailand´s tax rate must be: c. 23%

Best of luck.

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