A tax loophole is
a. an illegal method by which individuals or corporations avoid paying the taxes they legally owe.
b. a provision in the tax code that allows individuals or corporations to reduce their tax burdens legally by meeting certain conditions.
c. a tax surcharge on incomes within certain ranges.
d. a provision in the tax code that allows individuals or corporations to shift the economic incidence of a particular tax on to someone else.
b
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A minimum wage might increase employment by a monopsony if it makes the supply of labor curve to that firm
A) steeper, that is, makes supply more elastic. B) steeper, that is, makes supply less elastic. C) flatter, that is, makes supply more elastic. D) flatter, that is, makes supply less elastic.
A monopolist can charge whatever price it wants and can therefore reap phenomenal profits
a. True b. False Indicate whether the statement is true or false