Posted by Congressman John Campbell at 12:00 am on Oct 13, 2010 Comments Off on The 2011 Tax Quiz
Last week, I promised you an opportunity to gauge
your understanding of the consequences of Congress failing to
extend current tax rates before the year ends. Well, below you will
find a short multiple choice quiz to assist you in testing that
understanding. Good luck!
1) Currently there is no Death Tax. However, on January
1, 2011, the Death Tax will come back at a rate of:
a) 55% of all family assets over $1 million. (This is not
indexed for inflation, so the "value" of that $1 million exemption
will drop over time.)
b) 45% of family assets over $3.5 million. (Indexed for
inflation.)
c) Zero, if you are a member of a government employee union; and
95% if you are not.
d) Death will be made illegal, and will be punishable by
confiscation of all assets of those who violate the law.
e) Your tax will be inversely proportional to your global warming
carbon footprint.
2) Currently, the highest individual tax rate on
dividend income received from a corporation is 15%. This is after
the corporation has paid 35% tax on the income before paying the
dividend. So, under current… Read More