True or False: 

1. In the Financial Report for the U.S. Government for Fiscal Year 2012 the Department of the Treasury projects that tax revenue will rise and federal spending will decline through the end of President Obama's second term.

2. Between 1995 and 2010 the poorer 50% of the country lost 70% of their net wealth. 

3. The not-for-profit sector has between four and five times the net wealth as the poor they purport to serve. 

4. Most of those earning under $110,000 (i.e. the middle class) pay a larger percentage of their income in federal taxes than higher income taxpayers.

5. Only the wealthiest 1% have prospered between 1995 and 2010. 

6. The federal government needs not just to eliminate the deficit with a balanced budget; it also needs an average surplus of $400 to $500 billion per year (through spending cuts and tax increases) for the next 75 years to prevent an increase in the national debt. 

7. The tax code contains tax expenditures (credits, exemptions, deductions, special rates and deferrals; a/k/a "loopholes") which are almost as big as the total amount collected by the individual federal income tax.