Which of the following statements is true?

A) The poor pay most of the federal personal income tax.
B) The top marginal tax rate today is less than it was in 2001.
C) Today the top marginal tax rate is about the same as what it was in 1960.
D) The lowest marginal tax rate is 15 percent.

Question

Dominic Armitage · Accepted Answer

Final Answer : B, Explanation :  The top marginal tax rate has generally decreased from its levels in the past, including from 2001. In 1960, for instance, the top marginal tax rate was significantly higher than it is today, reaching levels above 90% at its peak. The statement about the poor paying most of the federal personal income tax is incorrect, as the tax system in the United States is progressive, meaning higher income individuals pay a higher rate. The lowest marginal tax rate has also been below 15% in recent years, further invalidating option D.

Which of the following statements is true?

A) The poor pay most of the federal personal income tax.
B) The top marginal tax rate today is less than it was in 2001.
C) Today the top marginal tax rate is about the same as what it was in 1960.
D) The lowest marginal tax rate is 15 percent.

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Learning Objectives

Related questions

Which of the following statements is true?A) The poor pay most of the federal personal income tax.B) The top marginal tax rate today is less than it was in 2001.C) Today the top marginal tax rate is about the same as what it was in 1960.D) The lowest marginal tax rate is 15 percent.

Definitions

Learning Objectives

Learning Objectives

Related questions

Which of the following statements is true?

A) The poor pay most of the federal personal income tax.
B) The top marginal tax rate today is less than it was in 2001.
C) Today the top marginal tax rate is about the same as what it was in 1960.
D) The lowest marginal tax rate is 15 percent.