Say that thailand has a workforce of 35,709,487 people, each of whom earns an average salary of (equivalent usd) $8,630 annually. if the thai government wants to raise $70 billion in tax revenue, approximately where should it set the income tax rate? a. 5% b. 15% c. 23% d. 29% select the best answer from the choices provided a b c d

Ans. c) Income tax rate must be 23%

Explanation:

Hi, the total income of Thailand´s workforce is:

Since Thailand´s government needs to raise $70,000,000,000, the tax rate has to be:

So Thailand´s tax rate must be: c. 23%

Best of luck.

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