A taxpayer is in a 33-percent tax bracket and itemizes deductions. He obtains a mortgage...
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Accounting
A taxpayer is in a 33-percent tax bracket and itemizes deductions. He obtains a mortgage from a bank at 9-percent interest. The actual rate of interest he pays is: a. 6 percent. b. 9 percent. c. 20 percent. d. 25 percent The reduction in marginal tax rates will: a. increase the excess burden of tax preferences. b. increase tax expenditures. c. decrease the excess burden of tax preferences. d. have no effect of tax expenditures.
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