The SMarT Program Is Designed to Overcome Which Common Barrier

question 23

Multiple Choice

The SMarT program is designed to overcome which common barrier to saving?

• A)Status-quo bias
• B)An unwillingness to forgo current consumption
• C)The program was designed to overcome both A and B.
• D)The program was designed to overcome neither A nor B.

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Definitions:

Income Tax

A tax levied by governments on individuals or entities' income. The rate can vary based on the level of income earned.

Regressive

Describing a tax system in which the tax rate decreases as the taxable amount increases, often placing a higher burden on lower-income individuals.

Proportional

Relating to or denoting a relationship where quantities or sizes are in direct relation to each other.

Tax Tables

A set of charts provided by the IRS that help taxpayers determine the amount of federal income tax they owe based on their income level and filing status.