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POLICY INSIGHT
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Today’s Quiz Answers

| By CBPP
Here’s are the answers to today’s quiz on President Bush’s 2001 and 2003 tax cuts, which are due to expire at the end of this year.
  1. What are the “high-income” Bush tax cuts? ANSWER a. Tax cuts for the two percent of people with the highest incomes
  2. How much federal revenue would be saved in 2011 by letting the high-income tax cuts expire? ANSWER: d. $40 billion
  3. How much would extending the high-income tax cuts add to budget deficits over the next ten years? ANSWER: d. $1 trillion
  4. True/False The average middle-income household receives the highest dollar benefit from the middle-income tax cuts. ANSWER: False, higher-income households receive more.
  5. True/False An extension of the high-income tax cuts would mostly benefit small businesses. ANSWER: False, the extension would benefit few small businesses.
Reminder: We’ll post the answers each afternoon. If you keep score on your own and send an email to [email protected] at the end of the week with your score, we’ll send you one of our newly-designed Center on Budget T-shirts. Stay tuned.