Jurisdiction M imposes an individual income tax based on the following schedule.RateIncome bracket5%$-0- to $50,000+ 8%$50,001 to $200,000+ 12%$200,001 and above Which of the following statements is true?
A. Jurisdiction M's tax is vertically equitable only for individuals with $50,000 or less taxable income.
B. Jurisdiction M's tax is vertically equitable.
C. Both "The schedule provides no information as to whether Jurisdiction M's tax is horizontally equitable" and "Jurisdiction M's tax is vertically equitable" are true.
D. The schedule provides no information as to whether Jurisdiction M's tax is horizontally equitable.
Answer: C
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