• 5 Questions for Tax Day

    Happy Tax Day! Today's the day you purchase a piece of the government for the next year — everything  from clown parties for government bureaucrats to nuclear powered naval vessels. You get an aircraft carrier, and you get an aircraft carrier, and you get an aircraft carrier!

    But how much do you know about the tax code that buys you 103,900 long tons worth of virile overcompensation?

    All 5 correct: You're the 1%
    3-4 correct: The 99%
    0-2 correct: A moocher and a looter

    .

    1. The Senate recently refused to bring the Buffett Rule to a decisive rule. What would have the rule required?

    a) Lobbyists must take a clean plate to the Treasury each time they want to bring back a new subsidy for their industry.

    b) If a wealthy persons puts a tax cut on their plate, they must keep it there, never returning it to the federal serving tray.

    c) Created a new form of alternative minimum tax that would require those earning over $1 million to pay higher taxes.

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    2. Rank the following in order, from highest to lowest.

    a) Percentage of Americans approving of Congress's job performance (most recent RCP average)

    b)  Mitt Romney's 2010 effective tax rate

    c)  Barack and Michelle Obama's 2011 effective tax rate

    d) Average effective tax rate of Americans earning $50,000-$70,000.

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    3. Which of the following is not a legitimate deduction, as per IRS directives and Tax Court rulings?

    a) Depreciation of an exotic dancer's silicone breast implants

    b) A professional bodybuilder's purchase of body oil

    c) Donation to Newt Gingrich's campaign, the ultimate charity case.

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    4. Which tax law-writing Democrat has not experienced well-publicized tax problems?

    a) Timothy Geithner

    b) Charlie Rangel

    c) Tom Daschle

    d) All have had issues.

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    5. Which of these OECD nations collects the least taxes — federal and state — as a percentage of its GDP?

    a) Svenborgia, "the nation only rich people know about"

    b) United States

    c) Israel

    d) Mexico

    .

    Answers: 1, C; 2, C D B A; 3, C (please do not use for tax planning purposes) 4, D, 5, D

    Photo by Mark Scott/Photodisc/Getty Images


    Tags: Games and Challenges, IRS, Money, Taxes

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