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What would the effects on income inequality of the following changes to the federal taxation system:
1. Raise the federal marginal tax rate in the two highest income tax brackets by 2 percentage points.
2.Increase the federal payroll tax paid by employers by 1 percentage point for any worker the employer pays more than $200,000 in a calendar year.
What would be the pros and cons of such a change and any and all effects it will have on labor supply and demand for labor. Would this work to combat income inequality?
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