EC 202, Winter 2019 University of Oregon Problem Set 3 During the last couple of months, there has been a lot of attention given to - and sometimes misunderstanding about - a proposal from Representative Alexandria Ocasio-Cortez (NY-14) to add an additio (2024)

EC 202, Winter 2019 University of Oregon Problem Set 3During the last couple of months, there has been a lot of attention given to - and sometimes misunderstanding about - a proposal from Representative Alexandria Ocasio-Cortez (NY-14) to add an additional tax bracket for very high earners in the 2019 federal tax brackets, in which earnings above $10,000,000 would be taxed at a marginal tax rate of 70% for single filers. Let's pretend this policy were enacted for 2019 earnings and see what that would do to Serena Williams' hypothetical 2019 income taxes. Use the hypothetical tax table at the right to complete the remaining parts of this question. Again, assume that her taxable income is $18,000,000 and that we use the single status table.a. Calculate the amount of income tax that Serena Williams would owe for 2019 under this hypothetical set of tax brackets. Show your work. Round your answer to the nearest penny. [Hint: You do not need to repeat all of your work from part b above - just re-do some of it.]b. Given her taxable income listed above, what would be the average tax rate for Serena Williams' federal income tax under this hypothetical scenario? Show your work. Express your answer as a percentage and round that percentage to two decimal places.

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