Exam 17: The Federal Budget- Taxes and Spending

Workers and employers bear an equal burden from the FICA tax.

Well over half of all tax revenue received by the federal government is paid by the richest one-fifth of income earners.

The tax rate on an additional dollar of income is the:

The purpose of FICA taxes is to fund:

The legislation Congress passed in 1969 to make sure that the rich pay at least some income taxes was called the:

Because the alternative minimum tax (AMT)is not indexed to inflation:

The Earned Income Tax Credit (EITC)serves as the main form of antipoverty assistance at the federal level.