Gather round, kids. It’s time to test your knowledge of the sweeping new tax proposals afoot, which already have been approved by the Republican-led House of Representatives and are being weighed this week by the U.S. Senate.
With a permanent deep cut in the corporate tax rate that cost $1 trillion — about two-thirds of the entire tax savings in the plan — lawmakers have had to scramble to rewrite tax laws to plug the giant hole in revenue that will create.
But wait! The architects of this legislation keep saying this is all about big “middle-class tax cuts.”
Corporate tax cuts? Middle-class tax cuts? Who’s really being served here?
Take the quiz, and see if you can figure it out:
Scoring: OK, let’s see how you did. The correct answer to each question was choice (d). Count your correct answers to see where you fall.
0 to 1 correct: This must be fake news.
2 to 3 correct: How about that stock market!
4 correct: We all need a way to incorporate.