Statement I: Federal marginal income tax brackets for the wealthy are higher today than they were in 1980.
Statement II: The highest federal income tax bracket today is 70 percent.

A) Statement I is true and statement II is false.
B) Statement II is true and statement I is false.
C) Both statements are true.
D) Both statements are false.

Federal Marginal Income Tax

pertains to the portion of tax applied to an individual's or entity's last dollar of income, under the federal tax system, which uses progressively higher rates for higher income levels.

Tax Bracket

Categories at varying tax rates applied to ranges of income; the higher the income, the higher the percentage of tax levied.