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Find what is the average tax rate

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This year, Jorge (MFJ) inherits $3,000,000 and invests in City of Fairfax bonds at 3% interest. Last year, his Salary last year was $500,000. His salary had not changed from the prior tax year.

Problem 1: What is his Average tax rate if he decided to invest the 3,000,000 in corporate bonds instead? The corporate bonds had an annual yield of 8%.

Problem 2: Sheldon stated to his friend Raj that taxes are useless. Provide 2 reasons why taxes are not useless.

Reference no: EM132617117

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