According to Projections for 2011 by the Tax Policy Center,the

question 1

Multiple Choice

According to projections for 2011 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 almost 70 percent of federal income taxes.
• C)pay about 90 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:

CCA Class

A classification in Canadian tax law, standing for Capital Cost Allowance, that determines the depreciation rate for various types of property for tax purposes.

Fixed Assets

Long-term tangible assets that are used in the operations of a business and are not expected to be consumed or converted into cash in the short term.

CCA Pool

A grouping method for depreciating assets in a way that combines similar assets for the purposes of calculating capital cost allowance for tax purposes.

Marginal Tax Bracket

The tax rate that applies to the last dollar of an individual's income, used to determine the tax impact of additional income.