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Individuals pay the same marginal tax rate

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Reference no: EM131441624

Suppose our current income tax system were to be replaced by the following new system:

i) All individuals pay the same marginal tax rate, regardless of income (a flat tax), and ii) there are no exemptions or deductions available when calculating taxable income. In a short essay (2-3 paragraphs) discuss the impact on equity (both types) that would result from the new system compared to the current system.

Reference no: EM131441624

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