Tax deductions differ from tax credits because: A. deductions affect relative prices, credits do not B. credits cost more to the federal treasury than deductions. C. credits are designed to help the wealthiest tax payers. D. All of the above

Tax deductions differ from tax credits because: A. deductions affect relative prices, credits do not B. credits cost more to the federal treasury than deductions. C. credits are designed to help the wealthiest tax payers. D. All of the above

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter2: Gross Income And Exclusions

Section: Chapter Questions

Problem 1MCQ: The definition of gross income in the tax law is: All items specifically listed as income in the tax...

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Question

Tax deductions differ from tax credits because:

A. deductions affect relative prices, credits do not

B. credits cost more to the federal treasury than deductions.

C. credits are designed to help the wealthiest tax payers.

D. All of the above

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