Question

If the statement is false, make a correction to make the statement true. Each question is worth 5 points (for a total of 60 points). Partial answer (that is, the statement is false, but your correction is wrong) will get ½ credit.

10. Tax expenditures are special provisions of the tax law such as exclusions, deductions, deferrals, credits, and tax rates that benefit specific activities or groups of taxpayers. True/False _______________ Correction to make true ____________________________________________________________________________________

11. In an increasing number of states, revenue from gambling sources exceeds revenue from corporate net income taxes. True/False _______________ Correction to make true ____________________________________________________________________________________

12. Under the Haig-Simmons definition of income, anything that provides consumption benefits to taxpayers or contributes to an increase in wealth (net of costs) is considered to increase welfare and ability to pay. True/False _______________ Correction to make true ____________________________________________________________________________________

Answer 1

Answer (10) False , Tax expenditures are government spending through tax codes that alter the horizontal and vertical equity of the basic tax system such as exemptions , deductions or credits that benefit specific activities or groups of taxpayers.

Answer (12) False , Under the Haig-Simmons definition of income, income that provides annual consumption benefits plus contributes to net change in real value of wealth is considered to increase welfare and ability to pay.

******** Please note that above correction in defination wording may vary person to person , so kindly do not consider this wrong answer.*******

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