How Often Does Congress Amend the Internal Revenue Code

question 37

Multiple Choice

How often does Congress amend the Internal Revenue Code?

• A)Rarely (the Internal Revenue Code has not been amended since 1986)
• B)Occasionally (perhaps once every decade)
• C)Regularly (at least once every five years)
• D)Constantly (usually once a year)

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Definitions:

Recession

A recession is a period of economic decline across a broad spectrum of the economy lasting more than a few months, typically visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

Government

The system or group of people governing an organized community, often a state.

Active Approach

A strategy or policy that involves direct intervention or action, often by the government or an organization, to achieve a specific goal.

Passive Approach

An investment strategy that involves minimal buying and selling actions, often associated with index fund investing.