Describe the Intended Effects of the First-Time Home Buyer Tax

question 21

Essay

Describe the intended effects of the first-time home buyer tax credits granted by Congress and many state governments in 2009 and 2010.In addition,describe in detail the unintended effect of this type of legislation.

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Definitions:

Stockbrokers

Professionals who buy and sell stocks and other securities for their clients, on a stock exchange or over the counter, in return for a fee or commission.

Accounting

The organized logging, presenting, and scrutinizing of a corporation's monetary transactions.

Pass-Through Taxation

A tax treatment applied to certain business entities where profits are taxed only once, directly through the owners’ personal income, avoiding corporate income tax.

Entrepreneurship

The process of designing, launching, and running a new business or startup.