Problem
There are approximately 220 million taxpayers in the United States, at least as measured by the number of tax returns filed with the IRS. But only about half of these "taxpayers" end up paying income taxes. (Some of the others pay only Social Security or Medicare taxes, while some actually receive payments, under the Earned Income Tax Credit program.) Considering that Fannie and Freddie are now owners or guarantors of almost $5.5 trillion in mortgages, what is the maximum potential liability for each of the taxpayers who actually pay income taxes?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.