The Tax Relief Act of 2001

question 49

Multiple Choice

The Tax Relief Act of 2001

• A) raised the tax rates for the highest income portion of the population.
• B) limits further the ability to contribute to retirement plans tax-free.
• C) provided educational incentives to most taxpayers.
• D) reduced the child care credit available to most young families.

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Definitions:

Social Classes

Divisions within a society based on social and economic standing, where individuals in higher classes have greater access to resources and opportunities.

Tax Loopholes

Provisions in the tax law that allow individuals or corporations to reduce their tax liabilities through legal means, often seen as exploiting the tax system.

Rising Debt

The increasing amount of money that is owed by individuals, corporations, or governments.

Means Of Production

The resources and materials used to produce goods and services, including tools, machinery, and buildings.