Explain why tax expenditures benefit middle- and high-income taxpayers, using at least one specific tax expenditure as support. Do you think tax expenditures are a good idea? Justify your answer
What will be an ideal response?
An ideal response will:
1, Define tax expenditure as revenue losses that result from special exemptions, exclusions, or deductions.
2, Highlight an example of tax expenditure, like a mortgage interest tax deduction or a charitable tax deduction. Explain that middle- and high-income taxpayers benefit from tax expenditures because they are provisional to things in which wealthier people are likely to be involved, like home ownership.
3, Explain that tax expenditures lack regular congressional review.
4, Make an argument for or against tax expenditures.
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