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How required tax rate of 0.1415 is computed in this question

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In Example 9 in Sect. 13.6.2, it was shown that to achieve a balanced budget, cutting government expenditures by 30 % from $125 to $87.5 billion must be accompanied by raising the marginal tax rate from 10 to 14.15 %. Show how the required tax rate of 0.1415 is computed.

Reference no: EM13876612

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