07. Referring to Fig 4b and the attached table, determine whether the shares of federal individual income taxes paid by the top 10%, top 5%, top 1% of households by income, has increased or decreased following the major tax cut years of 1982, 1987, and 2002-03. Increased decreased Fig 4b. Shares of individual income tax liabilities (Sources: CBO, NBER, Tax Found.)Orecession years90Omajor tax cuts80Itax increases70--Share of indiv, incometaxes paid byTop 10%--Share of indiv. incometaxes paid byTop 5%60--Share of indiv. incometaxes paid byTop 1%50Share of indiv. incometaxes paid byHighestQuintile-Share of indiv. incometaxes paid byFourthQuintileShare of indiv. incometaxes paid byMiddleQuintile--Share of indiv. incometaxes paid bySecondQuintileShare of indiv. income403020taxes paid byLowestQuintile10-101979 1980 198119821983 1984 1985 1986 1987 1988 1989 1990 199119921993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 20052006 2007recession years100100100100100100100major tax cuts100100100100100100100tax increases10010048.1 47.6 46.649.9 50.5 53.462.9 63.7 65.4 66.7 67.7 67.767.5 69.6 70.8 | 72.7Share of indiv. income taxes paid byTop 10%Share of indiv. income taxes paid byTop 5%Share of indiv. income taxes paid byTop 1%47.649.154.7 56.3 55.3 54.3 54.5 57.2 58.4 59.3 60.872.872.735.6 34.933.9 35.036.637.7 38.341.642.144.542.942.142.144.946.446.948.550.9 51.853.4 55.1 56.255.254,556.6 58.560.760.961.018.3 17.416.3 17.719.6 | 20.7 21.2 | 24.6 23.5 26.6 24.3 23.8 23,4 26.2 | 27.6 | 27.8 29.0 31.4 32.3 33.5 35.0 36.5 34.4 33.0 34.6 36.7 38.839.1 39.5Share of indiv. income taxes paid byHighest Quintile 64.9 | 64.8 63.964.966.166.3 66.9 68.9 70.9 71.9 71.4 70.4 70.8 73.073.8 74.9 76.1 77.6 78.279.880.681.282.482.784.8 85.3 86.386.386.0Share of indiv. income taxes paid byFourth Quintile20.2 20.220.6 20.219.719.219.018.0 17.517.217.6 17.818.0 17.116.816.9 16.215.514.914.614.0 13,514.314.714.613.813.112.912.7Share of indiv. income taxes paid byMiddle Quintile10.710.810.9 10.610.210.19.99.28.78.58.9 8.99.08.48.18.1 7.77.37.26.46.15.75.35.44.74.74.44.44.6Share of indiv. income taxes paid bySecond QuintileShare of indiv. income taxes paid byLowest Quintile4.14.24.44.03.84.14.03.73.12.92.83.32.92.52.31.81.91.61.71.31.31.10.3-0.2-1.1-0.9-0.9-0.8-0.30.00.10.20.20.20.30.20.2-0.3-0.4-0.7-0.4-0.8-0.9-1.0-1.7-2.0-2.1-2.0-2.1-1.9 -1.6-2.3-2.7-3.0-2.9-2.9-2.8-3.0percentshare

Referring to Fig 4b and the attached table, determine whether the shares of federal individual income taxes paid by the top 10%, top 5%, top 1% of households by income, has increased or decreased following the major tax cut years of 1982, 1987, and 2002-03. Increased

Referring to Fig 4b and the attached table, determine whether the shares of federal individual income taxes paid by the top 10%, top 5%, top 1% of households by income, has increased or decreased following the major tax cut years of 1982, 1987, and 2002-03. Increased

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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