Government implemented a negative income tax

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Suppose the government implemented a negative income tax and used the following formula to compute a family's tax liability: Taxes owed= (1/3 of income)-$15,000. A family earning $60,000 before taxes would have how much after-tax income?

A. $5,000 B. $15,000 C.$55,000 D. $65,000

Reference no: EM13889225

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