Tax Plan Quiz

[speyfly]

Since I mailed the IRS a check the other day I thought that this would be a good time to post this little test. I will post the correct answers in a couple of days.

Test your knowledge of the Bush tax plan by taking our quiz.

1 President Bush says that under his plan, "Ninety-two million Americans will keep an average of $1,083 more of their own money." What percentage of American taxpayers would actually receive less than $1,083?
5 percent
10 percent
50 percent
72 percent
2 How much money would a middle-class taxpayer earning $36,600 receive from Bush's $726 billion tax plan?
$289
$1,083
$44,500
$327,000
3 How much money would George W. Bush save from his $726 billion tax plan?
$289
$1,083
$44,500
$327,000
4 How much money would Dick Cheney receive from Bush's $726 billion tax plan?
$289
$1,083
$44,500
$327,000
5 Bush said, "The average tax savings for taxpayers 65 and older who receive dividends will be $936 per year, per tax return." What percentage of American seniors will actually see no benefit from the centerpiece of Bush's plan, the elimination of taxes on dividends?
10 percent
25 percent
50 percent
75 percent
6 What year did George W. Bush say, "it takes a Republican president to balance our budget"?
1985
1995
1996
2002
7 What year did the Bush administration return the federal government to record deficits after four years of record surpluses?
2002
2003
2004 (projected)
The Bush administration has kept the federal budget balanced
8 Who said, "The budget deficit puts a hole in the pocket of every American, every day of their lives. It threatens the very foundation of our culture and we must seize and act upon this historic opportunity to solve this, the most pressing issue facing the country."
Senate Minority Leader Tom Daschle
Current Treasury Secretary John Snow
Former President Bill Clinton
The non-partisan Congressional Budget Office
9 How many economists appeared at a White House event to boost Bush's tax proposal?
0
13
450
537
10 How did the traditionally non-partisan Congressional Budget Office -- led by an economist hand-picked by the White House -- describe the economic impact of the Bush tax plan?
"Significant stimulus"
"Unlikely to be dramatic"
"Restore fiscal responsibility"
"Ensure President Bush's reelection"
11 How many jobs have been lost in America since January 29, 2002, when George W. Bush said, "my economic security plan can be summed up in one word: jobs"?
None; the economy created jobs in the past year
108,000 jobs lost
463,000 jobs lost
2,627,000 jobs lost
12 Which Republican governor proposed tax increases this year after Bush eliminated $6 billion in aid for fiscally strapped states?
Gov. Mike Huckabee (R-AR)
Gov. Kenny Guinn (R-NV)
Gov. Bob Taft (R-OH)
All of the above
13 Fill in the blank: House Republican Majority Leader Tom DeLay recently said, "Nothing is more important in the face of a war than ___________."
Supporting the troops
Protecting the homeland
Cutting taxes
Bringing home prisoners of war
14 Which party has introduced a responsible economic stimulus plan that offers tax relief to working families without creating years of record-breaking federal deficits?
The Democrats
The Republicans

[ 04-17-2003, 06:42 PM: Message edited by: speyfly ]

[Boedy]

Let me see if I get what you are saying with that long post of yours.

1. Less Tax is bad for the economy

2. More Tax is good for the economy

3. You hate Bush

Does that about sum it up?

[Silver Hilton]

1 point Boedy, and he has the ball.

[Albacore Tuna Captain]

I can see why speyfly is so concerned! All that money coming back into the economy just isn't all coming into the hands of the poor. It's most likely percentile. He who pays the most in taxs, will get more of the percentage of the cut. Of course, that doesn't make any sense. Why should the top payers of income tax get a bigger relief? They make more and deserve to pay more. It's their punishment for being so successful. Right?!

I worked 6 months last year and had the max deductions taken out. I still owed our wonderful state $470.00 I'm glad measure 28 failed!
Broke even on the Federal Tax :depressed:

[Uglygreen]

Boedy -

UG

[Hoosier Daddy]

You guys are making this so hard for me....

Boedy..... [img]graemlins/applause.gif[/img]

[crabbait]

Could it be that less taxes and much more spending is bad?

Could it be that less jobs mean less taxes and much much more spending is bad?

Could it be the economy?

[speyfly]

Well I said that I would post the correct answers for this little quiz so here they are. Some might not agree but the facts speak for themselves.

1 President Bush says that under his plan, "Ninety-two million Americans will keep an average of $1,083 more of their own money." What percentage of American taxpayers would actually receive less than $1,083?
The correct answer is 72 percent.
The vast majority of American taxpayers will get far less than the touted $1,083 average. "Average" is a highly misleading term here because it counts the massive tax cuts that the wealthiest Americans would receive.

2 How much money would a middle-class taxpayer earning $36,600 receive from Bush's $726 billion tax scheme?
The correct answer is $289.
Despite the touted "average" of $1,083, a middle-class taxpayer making $36,600 would save just $289 under the Bush tax plan.

3 How much money would George W. Bush save from his $726 billion tax scheme?
The correct answer is $44,500.
If President Bush's plan were passed in the original form he proposed, our millionaire president would receive a tax break of $44,500.

4 How much money would Dick Cheney receive from Bush's $726 billion tax scheme?
The correct answer is $327,000.
Dick Cheney made $4.3 million in 2001, including income from his tenure as CEO of Halliburton Co., and would receive a tax cut of $327,000 if the Bush tax plan were passed intact.

5 Bush said, "The average tax savings for taxpayers 65 and older who receive dividends will be $936 per year, per tax return." What percentage of American seniors will actually see no benefit from the centerpiece of Bush's plan, the elimination of taxes on dividends?
The correct answer is 75 percent.
According to Citizens for Tax Justice, "three-quarters of the elderly would get absolutely nothing from Bush's proposed dividend tax exemption. That's because only one in four seniors receives even a dollar in taxable dividends."

6 What year did George W. Bush say, "it takes a Republican president to balance our budget"?
The correct answer is 1996.
Bush made this statement in 1996 when he was governor of Texas.

7 What year did the Bush administration return the federal government to record deficits after four years of record surpluses?
The correct answer is 2002.
After four years of federal surpluses created by a Democratic president, George W. Bush returned the federal budget to the red in 2002. This year a $338 billion deficit is projected, which would be the largest deficit in history. The White House projects budget deficits for "the foreseeable future."

8 Who said, "The budget deficit puts a hole in the pocket of every American, every day of their lives. It threatens the very foundation of our culture and we must seize and act upon this historic opportunity to solve this, the most pressing issue facing the country."
The correct answer is Current Treasury Secretary John Snow.
President Bush's Treasury Secretary, John Snow, made this statement in 1995 as part of a coalition lobbying for a balanced federal budget. After joining the Bush administration, Snow quickly changed his tune on balanced budgets, saying the Bush budget deficits -- the highest in history -- "will be modest, they'll be manageable and they won't impinge on our financial markets."

9 How many economists appeared at a White House event to boost Bush's tax proposal?
The correct answer is 13.
On April 2, 2003, just 13 economists appeared at a White House event to boost the Bush tax plan. In contrast, more than 450 economists -- including 10 Nobel Prize winners -- signed an open letter opposing Bush's new tax giveaway for the wealthy because the plan won't create jobs or stimulate the economy. The New York Times said the White House event, "did not include any of Wall Street's most prominent economists, many of whom are lukewarm on the plan. Nor did it include representatives from Wall Street's most prestigious investment firms: Goldman Sachs, Merrill Lynch, Morgan Stanley and J.P. Morgan Chase."

10 How did the traditionally non-partisan Congressional Budget Office -- led by an economist hand-picked by the White House -- describe the economic impact of the Bush tax plan?
The correct answer is "Unlikely to be dramatic".
As the Washington Post reported, "the Congressional Budget Office, under the command of an economist who just left the White House, has dealt a double blow to the administration. The CBO said the effect on the economy of Bush's budget, including his tax plan, 'is unlikely to be dramatic,' and possibly could be negative."

11 How many jobs have been lost in America since January 29, 2002, when George W. Bush said, "my economic security plan can be summed up in one word: jobs"?
The correct answer is 463,000 jobs lost.
Since Bush's January 2002 State of the Union address, 463,000 American jobs have been lost. In March 2003 alone, 108,000 jobs were lost. Since Bush took office in January 2001, 2,627,000 total private sector jobs have been lost.

12 Which Republican governor proposed tax increases this year after Bush eliminated $6 billion in aid for fiscally strapped states?
The correct answer is All of the above.
With states facing the worst fiscal crisis since World War II, virtually all states have been forced to cut vital services, and many have been forced to raise taxes. A report by the Center on Budget and Policy Priorities found that 14 Republican governors have been forced to propose tax increases this year to close budget gaps totaling $85 billion. In January, the Washington Post reported that "as late as Monday morning [24 hours before Bush's plan was made public], the nation's governors were assured that the president's plan would include $6 billion in state aid. But the provision was dropped in the final package."

13 Fill in the blank: House Republican Majority Leader Tom DeLay recently said, "Nothing is more important in the face of a war than ___________."
The correct answer is Cutting taxes.
House Majority Leader Tom Delay used the war to tout Bush's tax plan and said, "Nothing is more important in the face of a war than cutting taxes."

14 Which party has introduced a responsible economic stimulus plan that offers tax relief to working families without creating years of record-breaking federal deficits?
The correct answer is The Democrats.
But you knew that already, right? I don't support either party but I do vote according to the issues.

[Silver Hilton]

There are many flaws with the Bush Tax relief plan, but they have nothing to do with who the tax relief goes to. While liberals love to glory in the fact that most of the tax relief goes to the wealthy, that is nothing but an artifact of the fact that most of the income goes to the wealthy. If you cut an income tax, the relief goes to those with the income. Big flippin' surprise.

The intelligent criticism of the Bush tax cut is a) it's fiscally irresponsible given that we are running record deficits, and b) it is unlikely to be fiscally stimulative. I would be happy to expound on these reasons, but have done so several times before, so use search if you want the details, or ask me to repeat.

The Bush administration wants to cut taxes, because their prominent constituents want them to cut taxes. The rationale that they are using is not supported by the facts, and no educated economist or public finance expert that I am aware of believes that the cuts will stimulate the economy or balance the budget. Bush's main economist, Alan Greenspan, has called BS on the plan. The tax cut is yet another example of the intellectual deceit practiced by the administration on the American people, where they appear to be willing to say whatever they must to advance their agenda.

[speyfly]

SH, you are right on the mark to a point. One point that you have not addressed is that the wealthiest 1% are not going to spend more because they have more. It is the middle class that drives our economy and if you are to stimulate economic growth with tax cuts it would have to go to the middle class because they are the ones that are not spending right now.

[Silver Hilton]

Spey,

I have said so before, and simply am not going to repeat myself.

However, as I have also said before, it is not self evident that giving a tax cut to the middle class will increase consumption, if it comes at the cost of government spending. Indeed, given a choice between the government spending $100 billion on freeways and other infrastructure, and the middle class spending $100 billion on big screen TVs, it is my considered belief that we'd be better off with the freeways.

[speyfly]

OK SH, we are on the same page. A tax cut at this time for anyone would be the wrong thing to do and would not spur economic growth. Lets see, cut federal taxes but increase state and local taxes to offset state short fall. Doesn't make much sense.

[Born to be Wild]

Well I don’t know as much about the economy and tax relief plans as the Bush administration or you speyfly and SH. But when we fall into a depression and folks can’t afford to buy jet sled’s, drift boats, new rig’s to tow them, etc, and can’t afford to go fishing, then I’ll get a bit worried. But I still wouldn’t vote for a liberal democrat.

Dan

[Silver Hilton]

Originally posted by DepoeBayDan:
Well I don’t know as much about the economy and tax relief plans as the Bush administration or you speyfly and SH.

Dan

<font size="2" face="verdana,arial,helvetica">Dan,

My first point, put a little sarcastically, but sincerely, is, if you don't know about the economy, shouldn't you not vote? If you don't know enough about the issues, aren't you risking the future of the nation by registering an opinion?

A tough criticism, but it is very germane. Bush has enormous support, bluntly, among the less educated members of society. These folks have opinions on matters that that frankly, they don't know anything about. Does the average joe know what effects that increasing the deficit has? The immediate effect of increasing the deficit seems good. I get more, and I don't have to pay for it. But it will hurt us deeply down the road. Post WWI germany had a crushing deficit and the economic devastattion laid the groundwork for Hitler to come to power. These are the seeds that could be being laid now.

The point is that the Bush administration is ignoring those in it's team that actually know something about economics, Alan Greespan for example. Yes, I do know a few things about economics. Undergraduate degree with honors, graduate studies, and make my living in the stock market. I don't claim expert status, but I can recognize BS when I see it. And the Bush tax plan is BS. It just doesn't add up. It is not an economic stimulus package. It will not result in more pickups and boats being bought. It will increase the deficit, which will result in home loans being more expensive, and business loans being more expensive and harder to get. This will result in feweer jobs, at lower pay, for folks in communities such as yours. That means that small businesses will suffer, and your friends will have poorer lives.

You seem to want to deride me as being a liberal. I am one of those people who will benefit most from Bush's tax cuts. I am well off, and get a lot of money from dividends. It is a little ironic - you defending Bush, and me criticising him. I am looking out for your interests, while you defend mine. Meanwhile, Bush is screwing you. He is taking the steps, whether knowingly or ignorantly, your choice, to devastate the economy that the bulk of our society depends on. And the ignorant masses applaud as he bankrupts our economy, and then sets up to ruin the enviornment, because we need the money.

Remember, I'm still a republican. Waiting for the time when the republican party regains its senses, quits focusing on trying to simply gain the votes of the ignorant in our society, and goes back to being the voice of fiscal responsibility in this nation.

Unless another party gets there first, at which time, my party affiliation will change.

In the meantime, may I suggest that you open your eyes. Your president is ruining the economy upon which you depend. And you are buying into the propaganda, lock, stock, and barrel.

[ 04-21-2003, 07:07 AM: Message edited by: Silver Hilton ]

[Boedy]

Who you calling a backwood yokel city boy?

[Silver Hilton]

You sayin' that just cuz' I dated my sister, I'm a yokel? 'Sides, she's cute!

Poor choice of words on my part, gone now.

[Hoosier Daddy]