Suppose the government imposes a tax of 10 percent on the first $40,000 of income and 20 percent on all income above $40,000. What are the tax liability and the marginal tax rate for a person whose income is $50,000? a. 12 percent and 20 percent, respectivelyb. 12 percent and $50,000, respectivelyc.$6,000 and 12 percent, respectivelyd.$6,000 and 20 percent, respectively
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