Wealth Disparity and Taxation Quiz

What is the name of the company Warren Buffett runs?

• CocaCola

• Apple

• Berkshire Hathaway

• Amazon

When Warren Buffett took over the company in 1965, how much was a single share worth?

• $1000

• $100

• $500

• $19

What type of taxes does Warren Buffett mainly pay on his sold stock?

• Sales taxes

• Capital gains taxes

• Property taxes

• Income taxes

In the last 40 years, by how much has the after-tax income of the richest Americans risen?

• 300%

• 200%

• 100%

• 400%

What is the maximum tax rate for long-term stock as mentioned in the text?

• 20%

• 15%

• 25%

• 10%

What loophole in capital gains taxes do the rich exploit as mentioned in the text?

• Tax deduction loophole

• Inheritance tax loophole

• Real estate tax loophole

• Stepped-up basis loophole

What has President Biden proposed to do with the maximum tax rate for capital gains?

• Decrease it to 10%

• Increase it to 30%

• Keep it at 20%

• Increase it to 39.6%

What is the estimated additional tax revenue from changing the capital gains tax according to the text?

• $400 billion over ten years

• $300 billion over ten years

• $200 billion over ten years

• $100 billion over ten years

What do advocates argue about changing capital gains taxes?

• It would discourage people from investing in the stock market

• It would bring in more tax revenue

• It would make the rich get richer

• It would not have any impact

What could be an easy place to start in making the system more fair according to the text?

• Increasing income taxes

• Implementing taxes on wealth

• Reducing capital gains taxes

• Abolishing property taxes