Thank you for visiting Suppose the government commits to imposing a 25 income tax rate If the GDP in 2020 is 15 trillion what is the total tax revenue. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
In summary, to calculate the total tax revenue, you need to convert the income tax rate to decimal form and then multiply it by the GDP. In this case, the government would collect $3.75 trillion in tax revenue.
The total tax revenue the government collects can be calculated by multiplying the income tax rate (25%) by the GDP in 2020 (15 trillion).
Step 1: Convert the income tax rate to decimal form: 25% = 0.25
Step 2: Multiply the income tax rate by the GDP: 0.25 * 15 trillion = 3.75 trillion
Therefore, the correct answer is $3.75 trillion.
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