Financial Planner

Category - Tax Planning

Where do laws concerning taxes begin?
  1. White House
  2. Internal Revenue Service
  3. Senate Finance Committee
  4. House Ways and Means Committee
Explanation
Answer: D - Laws concerning taxes begin in the House Ways and Means Committee. The legislation later goes to the House of Representative. If the House approves the bill, it is submitted to the Senate Finance committee and then to the entire Senate. If approved with no changes, it goes to the president for approval or veto. If there are changes, the Joint Conference Committee will address them and submit the bill back to the House and Senate.
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