Billionaire __________ Famously Highlighted the Extent of Tax Loopholes for the Wealthiest

question 49

Multiple Choice

Billionaire __________ famously highlighted the extent of tax loopholes for the wealthiest Americans when he reported paying less in federal taxes on his income, in terms of percentage, than his secretary.

• A) Bill Gates
• B) Warren Buffett
• C) Ted Turner
• D) Mitt Romney

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Definitions:

Preexisting Moral Obligation

A moral duty or responsibility that already exists before any new agreement or contract is made.

Consideration

The value (such as money, a service, or a promise) that is exchanged between parties in a contract.

Doctrine of Promissory Estoppel

A legal principle that prevents a promisor from retracting a promise that the promisee has relied upon, resulting in a significant change of position.

Disputed Debt

A disagreement between a creditor and a debtor over the existence, amount, or terms of repayment of a debt.