Legal methods by which individuals and businesses reduce their tax liabilities are called

Question

Quizplus · Accepted Answer

The term "loopholes" refers to legal methods used by individuals and businesses to reduce their tax liabilities. Regressive taxes refer to a tax system that imposes a higher tax burden on low-income earners than high-income earners. A black hole refers to a theoretical region of space with a gravitational pull so strong that no matter or radiation can escape it. Tax credits refer to a reduction in taxes owed to the government, which are granted to individuals or businesses based on certain criteria.

Legal Methods by Which Individuals and Businesses Reduce Their Tax