Question

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%.

Answer 1

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.

$\rm Total \ income = Number \ of \ people \times Income \ per \ person\\\\Total \ income = 35,709,487 \times 8,630\\\\Total \ income = 308,172,872,810$

If the Thai government wants to raise $70 billion in tax revenue,

Then,

The income tax rate is,

$\rm Tax\ rate = \dfrac{70,000,000,000,}{308,172,872,810}\\\\Tax \ rate = 0.29\\\\Tax \ rate = 29 \ percent$

Hence, The income tax rate must be 29%.

For more details refer to the link given below.

brainly.com/question/16016455