Thurow argues that the elderly do not want their benefits cut, but the alternative is raising taxes. Thurow presents that today's 15 percent social security tax rate would have to be boosted to _______________to provide promised benefits. A. 20 percent by the year 2029 B. 30 percent by the year 2029 C. 40 percent by the year 2029 D. 45 percent by the year 2029

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29-07-2022
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Thurow argues that the elderly do not want their benefits cut, but the alternative is raising taxes. Thurow presents that today's 15 percent social security tax rate would have to be boosted to _______________to provide promised benefits. A. 20 percent by the year 2029 B. 30 percent by the year 2029 C. 40 percent by the year 2029 D. 45 percent by the year 2029

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-08-03T09:12:07+02:00

Tax rate would have to be boosted to 20 percent by the year 2029.The percentage at which a person or business is taxed is known as tax rate. The United States (both the federal government and numerous states) employs a progressive tax rate system, where amount of tax levied rises as taxable income for an individual or company does.

With a progressive tax rate, more money is taken in from taxpayers with boosted incomes. Government receives a portion of the taxpayer's wages or financial contributions. Progressive nature of the U.S. government is seen in the marginal tax rate it uses.

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