Why do people continue to believe the lie that President Bush only cut taxes for the wealthy?

Question by Don M: Why do people continue to believe the lie that President Bush only cut taxes for the wealthy? President Bush’s tax cuts reduced the taxes of all who pay income taxes. This includes the middle class. The lower half of income earners only pay 2.9% of income taxes, but those who do […]

what percentage of income are paid in taxes? the super wealthy compared to the middle class?

Question by billp: what percentage of income are paid in taxes? the super wealthy compared to the middle class? example: every payday i pay about 30% in taxes out of my check for state and federal (20 fed & 10 state). so i pay 30% a year in income tax. what percent a year do […]

Would taxes be necessary if your local, state, or federal government were incuring yearly surpluses?

Question by someguy: Would taxes be necessary if your local, state, or federal government were incuring yearly surpluses? When total government revenues (taxes, investments, tolls, fees, etc.) are considered, taxes make up only one third of the income stream. Best answer: Answer by CarVolunteer”When total government revenues (taxes, investments, tolls, fees, etc.) are considered, taxes […]

what’s going to happen if i don’t file my income taxes on time?

Question by nitsrek: what’s going to happen if i don’t file my income taxes on time? i haven’t filed an extension, but i do live overseas (i think there’s an automatic extension for that). if i’m just a week or two late, what’s going to happen? Best answer: Answer by jeffthe irs is gonna hunt […]

In the United States, income taxes and transfer payments:?

Question by Jane: In the United States, income taxes and transfer payments:? In the United States, income taxes and transfer payments: a) Are the source of most of the operational lag with fiscal policy b) Act as automatic stabilizers for fluctuations in income c) Decrease interest rates and the net export effect d) Destabilize the […]

Income taxes are an automatic stabilizer because when income rises, ceteris paribus, tax receipts:?

by SS&SS Question by HIM N: Income taxes are an automatic stabilizer because when income rises, ceteris paribus, tax receipts:? A)Fall since automatic stabilizers work against the cyclical movements of the GDP. B) Fall as taxpayers experience bracket creep. C) Fall since income taxes are regressive. D) Rise since taxes are computed on the basis […]