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7 May, 23:53

Say that Australia has a working population of 11,565,470 people, and that the average salary is $26,450 annually. How much tax revenue would Australia generate each year by instituting a 31.4% income tax?

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  1. 8 May, 00:10
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    Calculating the amount taxed from each person in the working population:

    31.4% * 26450 = $8305.30 per person

    The amount of tax collected from the whole population:

    8305.30 * 11565470 = $96,054,697,990 ⇒ This is the annual tax revenue
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