Which one of the following statements is NOT correct about taxation? (A) Taxes produce revenue for government operations. (B) Itemized deductions provide a larger deduction amount than the standard deduction. (C) Taxation is used to influence the behavior of individuals, businesses, nonprofit entities, and even the government. (D) Tax rates and deductions are impacted by a taxpayer’s filing status.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Which one of the following statements is NOT correct about taxation?
(A) Taxes produce revenue for government operations.
(B) Itemized deductions provide a larger deduction amount than the standard deduction.
(C) Taxation is used to influence the behavior of individuals, businesses, nonprofit entities, and even the government.
(D) Tax rates and deductions are impacted by a taxpayer’s filing status.
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