# The Cost Of Tax Cuts

10 Questions | Total Attempts: 74

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Test your knowledge on this fun quiz brought to you by National Priorites Project.

• 1.
What is the average income of the wealthiest five percent of Americans? p { margin-bottom: 0.08in; }
• A.

\$122,360

• B.

\$360,781

• C.

\$589,300

• D.

\$447,453

• 2.
p { margin-bottom: 0.08in; } The richest one percent of American recieve what percentage of all income in the U.S.?
• A.

6%

• B.

19%

• C.

25%

• D.

12%

• 3.
p { margin-bottom: 0.08in; } True or False: In 2011, the richest one percent of Americans will receive an average tax break greater than the average annual income of 95% of U.S. households.
• A.

True

• B.

False

• 4.
The richest one percent of Americans recieve an average household tax cut of 4.8% of their income. The other 99% receive an average household tax cut of ____% of their average income?
• A.

5.0%

• B.

1.2%

• C.

2.5%

• D.

2.2%

• 5.
p { margin-bottom: 0.08in; p { margin-bottom: 0.08in; } Over the first ten years of the Bush tax cuts, how much did the bottom 20% of taxpayers save?
• A.

\$901

• B.

\$5,000

• C.

\$2,300

• D.

\$1,640

• 6.
Who pays a higher marginal tax rate, individuals earning more than \$34,500 per year in wages or millionares earning their income from investments? p { margin-bottom: 0.08in; } (A marginal tax rate is the rate at which your last dollar of income is taxed. So, for example, if you’re single and you make \$22,000 per year, then your first \$8,500 of income is taxed at a rate of 10 percent, and the rest of your income is taxed at 15 percent. In that case, 15 percent is your “marginal” tax rate.)
• A.

Wage Earners

• B.

Income from Investments

• 7.
True or False: The U.S.'s official marginal tax rate for corporations is low compared to other nations. p { margin-bottom: 0.08in;  p { margin-bottom: 0.08in; }
• A.

True

• B.

False

• 8.
p { margin-bottom: 0.08in; } Corporate income taxes have made up a decreasing share of all federal revenues since around 1955.
• A.

True

• B.

False

• 9.
The first decade of the Bush tax cuts for the wealthiest 5% of Americans combined with Pres. Obama's extension of these tax cuts totaled \$1.22 trillion from 2001-2012. The proposed extension of these tax cuts for the top 5% of Americans is projected to cost the Treasury how much? p { margin-bottom: 0.08in; } p { margin-bottom: 0.08in; p { margin-bottom: 0.08in; }
• A.

\$1.2 trillion

• B.

\$1.5 trillion

• C.

\$3.7 trillion

• D.

\$2.15 trillion

• 10.
While considering extending the Bush era tax cuts, with a projected loss of revenue from only the top 5% of earners equaling \$2.15 trillion, house Budget Committee Chairman Paul Ryan's “Path to Prosperity” proposes  ___ trillion in cuts to Medicare, Medicaid, Social Security, and other benefits over ten years.
• A.

\$1.6 trillion

• B.

\$500 million

• C.

\$2.9 trillion

• D.

\$2.3 trillion

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