Economics

Read the scenario.

Jorge lives in a country that uses a progressive tax system in which his taxable income is taxed at a specific percentage. In 2016, Jorge made $90,000 and was taxed at 25 percent. He is due for a $5,000 raise in 2017. At that time, his tax bracket will change to 30 percent.

Which is true regarding Jorge’s financial situation after his raise?
A After the raise, Jorge will take home $5,000 more per year.
B After the raise, Jorge will take home $5,000 less per year.
C After the raise, Jorge will take home $1,000 more per year.
D After the raise, Jorge will take home $1,000 less per year.

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  2. D After the raise, Jorge will take home $1,000 less per year.
    That is your answer.

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