Answered: 95. Homeowners a. benefit from…

95. Homeowners a. benefit from several loopholes. b. must pay tax on the “income” of living in a house. c. have no particular advantages in the tax system. d. are subject to double taxation.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter16: Government Spends, Collects, And Owes

Section16.4: Taxation

Problem 2R

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Question

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95. Homeowners

	a.	benefit from several loopholes.
	b.	must pay tax on the “income” of living in a house.
	c.	have no particular advantages in the tax system.
	d.	are subject to double taxation.

Rules by which an authority (usually a government) imposes a financial obligation on individuals or organizations within its domain. Property or transactions can be taxed. While taxes are primarily intended to fund the operation of a government, many tax laws are created to encourage or discourage certain behaviors by citizens or companies.

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