By how much will the government need to change taxation

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Reference no: EM133613447

Problem

Assume the following data for the Australian economy (in billion $) in 2022. Answer the questions that follow. Assume I, G and NX are independent of the level of income:

C = 160 + 0.60Y
I = 305
G = 460
NX = +55

If the government decided to change income tax, by how much will the Government need to change taxation and in what direction?

Reference no: EM133613447

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