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:

Average Variable Costs

The total variable costs divided by the quantity of output produced, measuring the per unit variable cost of production.

Repairs

The process of fixing or restoring something that is broken or damaged to bring it back to a functional or working condition.

Hydraulic Car Smasher

A machine designed to compress and destroy vehicles or large metal objects using hydraulic pressure.

Marginal Cost

The cost incurred by producing one additional unit of a product.