1. (20 points) Consider the followingtax system. You pay 25 percent of your income after adeduction

1.   (20 points)   Consider the followingtax system.  You pay 25 percent of your income after adeduction of $5000.    Complete the following table: Is this tax system progressive, regressive,proportional?  Explain. 2.  (15 points).  Suppose the income tax ina certain nation is computed as a flat rate of 5 percent, but notax is levied above $50,000 in taxable income. Taxable income iscomputed as the individual’s income minus $10,000;   thatis, everyone gets a $10,000 deduction.  What are themarginal and average tax rates for each of the following threeworkers?  (Evaluate the marginal tax rate at eachperson’s current income level).  There is no refundabletax credit available. a. A part‐time worker with annual income of $9,000. b. A retain salesperson with annual income of $45,000. c. An advertising executive with an annual income of$600,000. . . .

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