Business, 21.04.2020 16:53 haileysolis5
A city government imposes a proportional income tax on all people who earn income within its city limits. In 2004, the city's income tax rate was 0.05 (5 percent), and it collected $20.00 million in income taxes. In 2005, it raised the income tax rate to 0.06 (6 percent), and its income tax collections declined to $19.20 million. What happened to the city's income tax base between 2004 and 2005?
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