Question

The fact that taxpayers can deduct the amount they paid in interest on a home mortgage from the income they report on their tax returns is an example of Group of answer choices an entitlement program. a contributory program. an earned income tax credit. a tax expenditure.

Answer 1

If taxpayers can deduct the amount they paid in interest on a home mortgage. This is an example of  a tax expenditure.

What is  a tax expenditure?

A tax expenditure can be defined as the process in which a tax payer can deduct money from their tax return.

Tax expenditures is important as it make use of deduction as well as  exemption among others  to reduce the amount that a tax payer file as tax return.

Therefore this is an example of a tax expenditure.

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