According to Projections for 2017 by the Tax Policy Center

question 244

Multiple Choice

According to projections for 2017 by the Tax Policy Center, the 20 percent of U.S.taxpayers who make the highest incomes

• A)use loopholes and tax exemptions to reduce their share of federal income taxes to less than 20 percent.
• B)pay about 67 percent of federal income taxes.
• C)pay about 92 percent of federal income taxes but only about 20 percent of Social Security and Medicare payroll taxes.
• D)pay more in excise and other taxes than they pay in Social Security and Medicare payroll taxes.

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Definitions:

Competitive Market

A market structure where multiple firms are vying for consumers' business, thereby fostering innovation and fair pricing due to competition.

Total Revenue

The full amount of capital a business garners from the sale of goods or the rendering of services for a particular timeframe.

Total Cost

The complete cost of production that includes both fixed and variable costs.

Profit

The financial gain obtained when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes associated with the activity.