Chapter 7. The Top Marginal Income Tax

EIA Activity: The Top Marginal Income Tax

Click on the links on the right to answer the following questions.

  1. Question

    Use link 1 to answer the following questions. True or False: In 2014, there were seven different taxable income brackets and rates.

    		A.
    		B.

  2. Question

    In which of the following ways does the Internal Revenue Service (IRS) classify households?

    		A.
    		B.
    		C.
    		D.

  3. Question

    True or False: The Consumer Price Index (CPI) is used by the IRS to calculate the past year’s inflation, which it then used to adjust income thresholds, deduction amounts, and credit values.

    		A.
    		B.

  4. Question

    True or False: The IRS makes adjustments to 10 tax provisions for inflation every year.

    		A.
    		B.

  5. Question

    True or False: PEP stands for personal exemption phase-out.

    		A.
    		B.

  6. Question

    The 2014 personal exemption amount was equal to:

    		A.
    		B.
    		C.
    		D.

  7. Question

    Do you consider the U.S. tax structure to be a progressive, regressive, or flat? Explain your reasoning.
    Your response will be graded by your instructor.
    Do you consider the U.S. tax structure to be a progressive, regressive, or flat? Explain your reasoning.

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