in laymen term. give examples too
2007-01-14 22:40:36 · 3 answers · asked by Sucre 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
Tax Relief is a sales term from politicians - you can't actually appeal to the IRS for "tax relief" and hope to get anything.
It means a tax cut, usually to a specified subset of the population.
For example, the child tax credit, when enacted, was tax relief to anyone caring for children.
The deduction for interest paid to higher education, when enacted, was tax relief to student loanholders.
Basically, it means a tax cut, but it just sounds better, so politicians like to throw around the term a lot.
2007-01-14 22:48:34 · answer #1 · answered by great_and_mighty_adam_levine 4 · 0⤊ 0⤋
it is were you are aloud to deduct certain expenses off of the lump sum BEFORe tax is calculated. If you earnt 100$ and was allowed to deduct your petrol of 10$ it would be 100$ minus 10$ and your tax would be calculated on 90$ as apossed to 100.
2007-01-15 06:47:27 · answer #2 · answered by Matthew 3 · 0⤊ 0⤋
an oxymoron
2007-01-15 06:48:17 · answer #3 · answered by Anonymous · 0⤊ 0⤋