Taxes are the way our government generates income. Although the richest Io/o of the people in...

50.1K

Verified Solution

Question

Accounting

Taxes are the way our government generates income. Although therichest Io/o of the people in our country pay 39% of the taxes andthe bottom 50% combined pay only 2.9% combined, everyone wantsthings from the government. They want roads and bridges and schoolsand an army and welfare and Medicaid and concerts and ]..... Toprovide these things our government has to raise money and cutexpenses. Which of the following laws help raise money? Which helpcut expenses?
1)Deduction for contribution to the church
2) American Opportunity Credit for attending San JacintoCollege
3) Deduction for gift to the American Red Cross
4) Child credit
5) Deduction for mortgage interest
6) Deduction for home equity loan
7) Deduction for savings bond interest used for higher education(2 things)
8) Deduction for health savings account
9) Deduction for student loan interest
10) Adoption credit
11) Earned Income credit
12) IRA deduction

Answer & Explanation Solved by verified expert

4.5 Ratings (945 Votes)

The following laws help to cut expenses Deduction for contribution to the church In this way people will contribute money to the churches and the Government would not need to contribute money out of its own treasury in order to contribute to the churches Deduction for gift to the American Red Cross With the government offering this exemption people will contribute money to the American See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member