Question

From the time of Benjamin Franklin to the present, the percentage of the average American's income...

From the time of Benjamin Franklin to the present, the percentage of the average American's income that goes to pay taxes is

a. decreased from about 20 percent to about 10 percent

b. has risen from less than 5 percent to about 25 percent

c. remained constant at about 10 percent

d. has risen from less than 2 percent to about 33.3 percent

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Ans) the correct option is b) has risen from less than 5 percent to about 25 percent

Add a comment
Know the answer?
Add Answer to:
From the time of Benjamin Franklin to the present, the percentage of the average American's income...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Question text If the rich pay more in taxes than the poor, the tax system could...

    Question text If the rich pay more in taxes than the poor, the tax system could not be regressive. Select one: True False Question text If revenue from a cigarette tax is used to provide medical care to individuals that develop health problems due to smoking, the cigarette tax may be justified on the basis of the benefits principle of taxation. Select one: True False Question text Benjamin earned more than $50,000 and Franklin earned less than $40,000. If the...

  • If revenue from a cigarette tax is used to provide medical care to individuals that develop...

    If revenue from a cigarette tax is used to provide medical care to individuals that develop health problems due to smoking, the cigarette tax may be justified on the basis of the benefits principle of taxation. Select one: True False Question text Benjamin earned more than $50,000 and Franklin earned less than $40,000. If the government imposes a $2,000 lump-sum tax, then the average tax rate for Benjamin is less than 4.0% and for Franklin it is more than 5.0%....

  • The following table summarise the waiting time (in seconds) for customers. Cumulative Answer Time Frequency Percentage...

    The following table summarise the waiting time (in seconds) for customers. Cumulative Answer Time Frequency Percentage Percentage 5 to less than 10 8 16% 16% 10 to less 15 30% 46% than 15 18 36% 82% 6 12% 94% 15 to less than 20 20 to less than 25 25 to less than 30 TOTAL 3 6% 100% 50 100% What percent of customers waiting for less than 20 seconds? Answer:

  • Question 14 0.13 pts Which statements best describes the relationship between the top marginal tax rate...

    Question 14 0.13 pts Which statements best describes the relationship between the top marginal tax rate in the United States and economic growth over the last 50 years? Top marginal tax rates have increased over time, while economic growth has remained constant. Top marginal tax rates have remained steady over time, while economic growth has declined. Top marginal tax rates have remained steady over time, while economic growth has increased. Top marginal tax rates have declined over time, while economic...

  • Online Survey Software x SV_egGCu5lIV7idaPb 13. Unemployment that arises as a result of the time it...

    Online Survey Software x SV_egGCu5lIV7idaPb 13. Unemployment that arises as a result of the time it takes for unemployed people to locate a job utilizing their transferable skills is called O structural O cyclical O natural O frictional O full unemployment. 14. Look at the following data: The frictional unemployment rate is 2 percent, the structural unemployment rate is 3.5 percent, and the actual unemployment rate is 9.5 percent. The natural unemployment rate is percent. percent and the cyclical unemployment...

  • On average, U.S. households with income in the bottom 20% pay _____ of their incomes in...

    On average, U.S. households with income in the bottom 20% pay _____ of their incomes in federal income tax. A. less than 5% B. between 5% and 15% C. more than 25% D. between 15% and 25% The Social Security program in the United States is financed by: A. FICA tax revenue. B. excise tax revenue. C. corporate income tax revenue. D. individual income tax revenue. When fiscal policy is done through tax cuts instead of spending increases: A. the...

  • According to long-run projections, under current law, A. federal government spending as a percentage of GDP will rise gr...

    According to long-run projections, under current law, A. federal government spending as a percentage of GDP will rise gradually but substantially in the next several decades. B. federal taxes as a percentage of GDP will rise gradually but substantially in the next several decades. C. the federal government’s budget deficit will gradually be eliminated in the next several decades. D. All of the above are correct. E. B and C, only Suppose that the government taxes income in the following...

  • Suppose the government imposes a tax of 10 percent on the first $20,000 of income, 20...

    Suppose the government imposes a tax of 10 percent on the first $20,000 of income, 20 percent on the next 40,000 of income and 30 percent on income above $60,000. For a person whose income is $90,000, the tax liability is _________ and the marginal tax rate is __________. A. $27,000; 30 percent B. $19,000; 20 percent C. $19,000; 30 percent D. $18,000; 20 percent E. $ 9,000; 10 percent Which of the following statements about lump-sum taxes is (are)...

  • Since last year, the company has reorganized its lines of business and placed more emphasis on...

    Since last year, the company has reorganized its lines of business and placed more emphasis on its traditional products while selling off some marginal businesses merged by the previous management. Total assets are 10 percent less than they were last year, but working capital has increased. Retained earnings remained the same because the disposals created no gains, and the net income after taxes is still near zero, which is the same as last year. Earnings before interest and taxes (EBIT)...

  • Problem 11-5 (Algorithmic) Special Deductions and Limitations (LO 11.3) Fisafolia Corporation has gross income from operations...

    Problem 11-5 (Algorithmic) Special Deductions and Limitations (LO 11.3) Fisafolia Corporation has gross income from operations of $423,000 and operating expenses of $359,550 for 2018. The corporation also has $42,300 in dividends from publicly traded domestic corporations in which the ownership percentage was 45%. Below is the Dividends Received Deduction table to use for this problem. Percent Ownership 2018 Dividends Received Percentage Less than 20 percent 50% 20 percent or more, but less   than 80 percent 65% 80 percent or...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT