Solution-In what ways is the new tax code is a success

In what ways is the new tax code is a success

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Many people donate to charity. Suppose that originally the government does not provide a tax deduction for charitable donations, and the amount of charitable donations totals $10 billion. The government then changes the tax code and allows for all charitable contributions to be deducted from income when calculating taxable income. As a result of this policy, the amount of charitable donations rises to $11 billion. Assume the government has a flat tax of 20% on every dollar of income.

In what ways is the new tax code is a success, and in what ways is it a failure?

Reference no: EM132275739

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In what ways is the new tax code is a success

Reference no: EM132275739

Reference no: EM132275739

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