Asked by Amber Harris on Jun 04, 2024
Verified
In 2007,the richest 400 U.S.households earned an average income of $345 million.What was their average income tax rate?
A) 34 percent.
B) 25 percent.
C) About 17 percent.
D) Less than 12 percent.
Income Tax Rate
The percentage of an individual's or corporation's income that is paid to the government as tax.
Richest Households
The segment of the population that possesses the highest net worth or income compared to all other households.
- Identify the ramifications of taxation strategies on disparate income segments and their progression or regression.
Verified Answer
JK
Jenny KrutillaJun 09, 2024
Final Answer :
C
Explanation :
According to a report by the IRS, the average income tax rate for the top 400 households in 2007 was about 17 percent.
Learning Objectives
- Identify the ramifications of taxation strategies on disparate income segments and their progression or regression.