sdcassidyrobertson sdcassidyrobertson

06-12-2022
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What makes something a tax expenditure?
A. It is something that Congress has approved an appropriation from the general revenue fund to pay for
B. It is when the government offers a tax break or tax credit for behavior it wants to encourage
C. It is a loophole through which people can pay previous taxes without suffering any penalties
D. It is a process by which companies can maximize their profit through shielding revenue from taxation

Answer :

azikennamdi azikennamdi

08-12-2022

A Tax Expenditure is "when the government offers a tax break or tax credit for behavior it wants to encourage" (Option B)/

What is the definition of Tax Expenditure?

Tax expenditures are described by law as "revenue losses related to provisions of the Federal tax laws that provide a specific exclusion, exemption, or deduction from gross income or that give a special credit, preferential tax rate, or postponement of tax responsibility."

It can aid employees who owe no federal income taxes since it is refundable. Other tax expenditures assist families in paying for health care, housing, education, and child care. However, the total advantages of tax expenditures are significantly weighted toward the top end of the income distribution.

TELs regulate the growth of government revenues and expenditures by restricting them at set dollar levels or regulating their growth rate to meet changes in population, inflation, personal income, or any combination of these variables.

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