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5 . Compare tax deductions and tax credits: a . What is the difference between tax deductions and tax credits in determining the amount of

5. Compare tax deductions and tax credits:
a. What is the difference between tax deductions and tax credits in determining the amount of taxes one owes to the government? Explain.
b. When do deductions produce more efficient outcomes than credits? Explain.
c. Which is more vertically equitable in the context of the U.S. tax code deductions or credits? Explain.

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