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If the wage rate is artificially set higher than the equilibrium wage rate, this will lead to:
Net Passive Loss
The total loss from passive activities, exceeding the income from those activities, that cannot usually offset other types of income for tax purposes.
Not a Passive Activity
Activities that involve significant participation and management by the taxpayer, hence not qualifying for tax treatments as passive activities.
Business Loss
A financial state where business expenses exceed its revenue, which can affect tax liabilities.
Deduct
To subtract or take away from the gross amount; in taxation, to lower taxable income by subtracting allowable deductions.
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