The GATT Became Part of the World Trade Organization in 1995

question 61

True/False

The GATT became part of the World Trade Organization in 1995 with the ratification of the Uruguay Round agreements.

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Definitions:

Earned Income

Money received for work performed such as wages, salaries, or professional fees.

Tax Credit

A direct reduction in tax liability (not merely a reduction of taxable income) that taxpayers receive for certain expenditures or investments.

Taxpayers

Individuals or entities that are required to pay taxes to a government authority, based on income earned or property owned.

Official Poverty Line

A monetary threshold under which an individual or family is considered to be living in poverty, as defined by government statistics.