HIRE QUALIFIED ACADEMIC WRITERS
Assignment 6SHOW CALCULATIONS AT ALL TIMES: Answer the following questions in detailed and clear terms:Consider the table below. We can use these data to find out what percentage of federal taxes is paid from the “top down†by the top 40%, top 60%, or top 80% of income earners. Likewise, we can count from the “bottom up†by the bottom 40%, 60%, or 80% of income earners. Fill in the table and show workings for full credit (12 points)Share of Total Federal Tax Revenue Share of Total Federal Tax RevenueEveryone 100% Everyone 100%Bottom 20% 0.89% Top 80% Bottom 40% 7.9% Top 60% Bottom 60% Top 40% 88.6%Bottom 80% Top 20% 69.7%Given these data, which of the following are true or false? EXPLAIN (14points)The bottom 60% of taxpayers pay less than 25% of federal taxes.The top 80% of taxpayers pay over 98% of federal taxes.The top 40% of taxpayers pay less than 60% of federal taxes.In 2013, corporate income taxes were about 9.9% of total federal revenue. Use the graph below to help estimate what fraction of GDP represents corporate income taxes. (14points)4. There are a lot of ways to slice up the U.S. budget. Answer the following questions/statements, based on the illustration below (Show calculations and explain your answers): (10pts per question)Most of the federal budget is spent on welfare and foreign aid.The budget for the next year increased by 20%, what would be the allocation for Medicaid if the increase of 20 percent was applied uniformly and equally among all the sections stated.About half of the federal budget goes toward Medicare, Medicaid, and Social Security combined.More than half of the federal budget goes toward Medicare, Medicaid, Social Security, and interest on the debt combined.The federal government spends about $1,830 on the military per person in the United States.If 35% of unemployment insurance and welfare was spent on Welfare alone. What percentage of the US budget was spent on Welfare?NOTE:US Population: 327.2 millionUS GDP : $20,581 billion (2018)
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