What are tax preferences? What are major justifications for tax preferences? What are the economic consequences of

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What are tax preferences? What are major justifications for tax preferences? What are the economic consequences of tax preferences?

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Tax Preferences Tax preferences also known as tax expenditures or tax breaks refer to provisions in a tax code that grant specific tax benefits or advantages to certain groups activities or investments These provisions deviate from a neutral tax system where all income and activities are taxed at the same rate aiming to influence economic behavior or achieve certain policy objectives Tax preferences can take various forms such as deductions exemptions credits exclusions and preferential rates Major Justifications for Tax Preferences Economic Incentives Tax preferences can be used to encourage specific economic activities that are considered beneficial for the economy For example governments might offer tax credits to incentivize research and development promote renewable energy projects or stimulate investment ...View the full answer

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