The Cost Of Tax Cuts

10 Questions | Total Attempts: 74

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Tax Quizzes & Trivia

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


Questions and Answers
  • 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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