2017 Tax Quiz

Before the creation of the income tax, how did the U.S. government generate revenue to pay its expenses?

Before the creation of the income tax, how did the U.S. government generate revenue to pay its expenses?

A. Taxes – on business income
B. Tariffs – on foreign imports
C. Plunder – from assets seized during war
D. Inflation – printing money to pay its debts

Answer

How much of the federal government’s current revenue comes from individual income taxes?

A. Less than 10 percent
B. About half
C. About 90 percent
D. Nearly all of it

Answer

1987 marked the first year the IRS required taxpayers to report their dependents’ Social Security numbers on their tax returns. The result was many children magically “disappeared” compared with those claimed in 1986. How many dependents evaporated into thin air after this law change?

A. more than 1 million
B. 1 to 2 million
C. 3 to 4 million
D. 5 to 6 million
E. more than 7 million

Answer

Many U.S. corporations consider moving their headquarters overseas to save money on taxes. What is the highest marginal tax rate charged to corporations in the United States?

A. 12.5%
B. 20.6%
C. 30%
D. 38.9%
E. 55%

Answer

Which two places have a higher corporate tax rate than the United States?

Answer