The Itemized Deduction for Taxes Includes All Types of State

question 19

True/False

The itemized deduction for taxes includes all types of state, local, and foreign taxes.

---

Definitions:

Incidence

The measure or manner in which economic burdens or benefits are distributed among participants in a market.

Gasoline

A volatile flammable liquid derived from petroleum, used mainly as fuel in internal combustion engines.

Tax Levied

A compulsory financial charge or some other type of levy imposed on a taxpayer by a governmental organization in order to fund government spending and various public expenditures.

Tax Incidence Analysis

The study of who bears the burden of taxes, in terms of economic impact and how it affects different market participants.