The largest percentage of federal income tax revenue in the United States is paid by the
A) middle income taxpayers.
B) highest income taxpayers.
C) lowest income taxpayers.
D) All groups of taxpayers—low income, high income and middle income—pay the same percent of federal income taxes.
B
You might also like to view...
The main reason why the economy's aggregate supply curve slopes upward is that
a. as the price level rises, businesses incur additional costs. b. businesses typically purchase labor and other inputs under long-term contracts that fix the cost of the input in money terms. c. as the price level rises, workers have higher real wages to spend for additional consumer goods. d. All of the above are correct.
Imagine two cities, Hometown and Visitorsville, where the rich, middle, and poor income recipients in one city have annual incomes identical to their counterparts' incomes in the other city. In Hometown, the poorest families one year almost always end up as the richest families the next year and become middle-income families the year after that. In Visitorsville, however, the poor remain poor and
the rich remain rich. Which of the following is true about the two cities? a. Annual data on the distribution of income will indicate that the degree of income inequality in the two cities is identical. b. The degree of lifetime income inequality in the two cities is identical. c. The income mobility of people in the two cities is identical. d. The distribution of annual income is more unequal in Visitorsville.