The Tax Reform Act of 1986 Was an Effort to Make

question 44

Multiple Choice

The Tax Reform Act of 1986 was an effort to make the federal tax system fairer, simpler and more efficient. It retained many major deductions for itemizing except:

• A) interest on consumer loans
• B) medical expenses
• C) home mortgage interest
• D) charitable contribution

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Definitions:

European Union

A political and economic union of 27 member states located primarily in Europe, aiming to facilitate free movement of goods, services, and people.

U.S. Products

Goods and services that are produced, manufactured, or assembled within the United States.

Long-term Capital Inflows

The movement of capital into a country over an extended period, often used for investment in major projects or to boost foreign reserves.

Foreign Travel

The act of traveling outside of one's home country for leisure, business, or other purposes.