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In the United States Constitution, Article I, Section 8 grants Congress the power to "lay and collect taxes, duties, imposts, and excises." Suppose Congress decides to impose a new tax on imported goods, which is directly proportional to the value of the goods being imported. If the tax rate is set at 5%, calculate the total tax amount that a company would need to pay if they import goods worth $50,000 into the United States.

 Jul 1, 2023
 #1
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If the tax rate is set at 5%, calculate the total tax amount that a company would need to pay if they import goods worth $50,000 into the United States.   

 

                                      Tax  =  5% times $50,000    

 

                                      Tax  =  0.05 • $50,000     

 

                                      Tax  =  $2,500   

.

 Jul 2, 2023
 #2
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Bosco is correct

SportzGuy2310  Jul 2, 2023

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