The WealthAbility Show with Tom Wheelwright, CPA Find Out How Taxes Can Make You Wealthy
Apr 13, 2018
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Two Purposes of Tax Law
- The government uses taxes for two purposes: raising revenue and incentivizing behavior.
- The majority of tax law focuses on incentives, not revenue generation.
Mortgage Deduction Example
- Tom Wheelwright uses the mortgage deduction example to illustrate how the government incentivizes homeownership.
- However, limits on deductions show that the government also discourages excessive spending.
Super Incentives
- Incentives like 401(k)s are minor compared to super incentives.
- Super incentives are given for activities directly benefiting the government.