Pop Quiz! Who's Winning the Tax Game (and By How Much)?
As the presidential race heats up, one of the most contentious issues continues to be the economy. Whether the subject is the tax code, health care reform or unemployment, it's clear that November's battle will feature two very different visions of America -- and two very different ideas of how to cure the country's economic malaise. With that in mind, we've decided to look at some of America's biggest economic surprises.
Think you know the economy? Take our quiz and find out!
- 1. The top federal income tax bracket is 35%. On average, how much do the top 1% of filers pay?
- Answer: Not Much
- 2. As a percentage of income, who pays more into Social Security?
- Answer: The Bottom 20%
- 3. As a percentage of income, who pays more state taxes?
- Answer: The Bottom 20%... Again
- 4. Today, the top income tax bracket is 35%. How high was it at the start of Ronald Reagan's second term?
- Answer: 50%
- 5. How high was the top tax bracket under Richard Nixon?
- Answer: 70%
- 6. How high was the top tax bracket under Dwight Eisenhower?
- Answer: 91%
- 7. If you die, how much money can you leave to your survivors before they have to start paying taxes on it?
- Answer: $5.12 million
- 8. What percentage of the United States income went to the country's richest 10% in 1928, on the eve of the Great Depression?
- Answer: 49.3%
- 9. What share of total income did the richest 10% receive in 1953, in the heart of the postwar economic boom?
- Answer: 32.3%
- 10. What share of total income did the top 10% receive in 2007, on the eve of the Great Recession?
- Answer D: 49.7%
Bruce Watson is a senior features writer for DailyFinance. You can reach him by e-mail at firstname.lastname@example.org, or follow him on Twitter at@bruce1971.