From the course: Finance Foundations: Income Taxes
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Examples of individual tax breaks
From the course: Finance Foundations: Income Taxes
Examples of individual tax breaks
- What is a tax break? A tax break is a provision in the tax rules that permits a taxpayer to legally pay less income tax. Now why do these tax breaks exist? One reason is for social fairness. Low-income people ought not to have to pay any tax when their income is so low when their income is solow that they are using all that they are using all of their income of their income to payfor living necessities. to pay for living necessities. Sometimes tax payers get a break if they spent their income in certain, in certain socially favorable ways, socially favorable ways such as by donating money to charity. So, tax breaks are provisions in a tax rules that permit a taxpayer to legally pay less tax. Let's talk about some general tax breaks that are available to people like you and to me. For example, if you're a single person in the United States, you can make income up to $12,000 you can make income of up to $12,000 before you have to pay any tax at all. That income is excluded from…
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Who gets tax breaks?1m 36s
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Examples of individual tax breaks3m 19s
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Examples of business tax breaks2m 26s
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The biggest individual tax loopholes in the US tax code2m 37s
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The biggest corporate tax loopholes in the US tax code1m 19s
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What is the optimal income tax rate?2m 22s
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The relationship between tax revenues and spending2m 53s
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