What percentage of income is paid in taxes

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Reference no: EM132051431

(Tax Rates) Suppose taxes are related to income as follows:

Income            Taxes

$1,000              $200

$2,000              $350

$3,000              $450

What percentage of income is paid in taxes at each level? Is the tax rate progressive, proportional, or regressive? What is the marginal tax rate on the first $1,000 of income? The second $1,000? The third $1,000?  Explain.

Reference no: EM132051431

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