Americans get an ‘F’ in income tax quiz
“American adults appear to be confused — very confused — by the U.S. tax code.
The average U.S. adult scored just 51% on 10 multiple-choice personal finance questions about federal income tax returns as they relate to retirement, college savings and health care, based on a survey of 1,000 adults given by personal finance site NerdWallet. That is a fail by academic standards. Most respondents, for instance, didn’t know the tax implications of popular financial products such as Roth individual retirement accounts, flexible spending accounts and 529 education plans. “
Scroll down for the questions. Answers at the end.
Well, I’ll be damned.
I missed one.
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6. If you foster a pet from a nonprofit charitable organization, can you claim a tax deduction?
A) Yes, but you can only write off certain items like food, shelter and medical expenses.
B) Yes, you can write off all expenses.
C) No, you can’t write this off.
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Ike was scared of the “military/industrial complex.” He should have been afraid of the bureaucrats who create problems and the private companies who then get paid the tribute to fix them.