Congress Recently Amended the Tax Law to Make It Easier

question 76

Multiple Choice

Congress recently amended the tax law to make it easier for individuals to file their income tax returns electronically (online) . Which of the following statements is true?

• A) The amendment is intended to improve the efficiency of the tax.
• B) The amendment is intended to improve the equity of the tax.
• C) The amendment is intended to improve the simplicity of the tax.
• D) The amendment is intended to improve the convenience of the tax.
• 82) Mr. and Mrs. Boln earn $63,000 annual income and pay 20% in state and federal income tax. If tax rates increase so that the couple's annual rate increases to 25%, how much additional income must they earn to maintain their after-tax standard of living?

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Definitions:

Inflation Rate

The rate, shown as a percentage, at which prices for services and goods overall are climbing, causing the buying power to decrease.

American Farms

Agricultural enterprises operating in the United States, focusing on the production of food, feed, fiber, and other products.

Small Farmer

An individual who manages and operates a small agricultural plot or farm, typically emphasizing sustainability and self-sufficiency.

Exports

Exports are goods or services produced in one country and sold to buyers in another country, contributing to a country's economic output.