Taxes & Govt Spending

Which of the following taxes is regressive?

• Federal Income Tax

• State of Illinois Income Tax

• Estate Tax

• Sales Tax

Which of the following taxes are progressive?

• tolls

• estate taxes

• State of Illinois Income Tax

• Social Security

Which of the following demonstrates the benefit principle of taxation?

• Having to buy garbage stickers in order for your trash to be collected

• State of Illinois Income Tax

• Estate Taxes

• Federal Income Taxes

Which of the following is a "Sin Tax"

• State Park Fees

• Estate Tax

• $.01 per ounce tax on soda

• State of Illinois Income Tax

Which of the following people is least likely to collect Social Security?

• A person who contracted Long COVID and is unable to work

• George W. Bush

• A man whose wife was killed in the Iraq War

• A flight attendant who lost their job because people aren't flying

Who would pay more in OASDI taxes?

• A married doctor who work for Good Samaritan Hospital and makes $500,000

• A single lawyer who makes $147,000 per year working for a law firm

• They would pay the same amount of OASDI tax

If you won $1,000,000 on Who Wants to Be a Millionaire, you would have to pay

• Payroll Taxes

• Income Taxes

• Both

• Neither

Who would pay the most in Federal Income Taxes?

• A single person making $100,000

• A married couple making $100,000

• They would pay the same in Federal Income Taxes

All of the following are effects of running a large national debt, EXCEPT

• A decrease in government spending on social programs

• A rise in tax rates

• A growth in their economy

• A rise in interest rates