George and Margaret Wealthy are in the 48 percent tax bracket, considering both federal and state… 1 answer below »

George and Margaret Wealthy are in the 48 percent tax bracket, considering both federal and state personal taxes. Norman Briggs, the CEO of Community General Hospital, has been aggressively pursuing the couple to contribute $500,000 to the hospital’s soon-to-be-built Cancer Care Center. Without the contribution, the Wealthy’s taxable income for 2008 would be $2 million. What impact would the contribution have on the Wealthy’s 2008 tax bill?

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