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In the U.S., interest income is taxed. For simplicity, let's assume the tax rate to be 30%. Therefore, if you lend $100,000 to someone and get paid back $100,000 plus $10,000 interest (10% interest rate), you need to pay 30% × $10, 000 = $3, 000 to the IRS (you end up with $7,000 take-home interest income).
Problem 1: Suppose interest income tax rate suddenly increases (e.g. to 50%). What is the impact on the demand curve of lending? What is the impact on supply curve?
Problem 2: What do you expect to happen to the overall quantity of lending and the (pretax) interest rate in the market?
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