Final answer:
MACRS helps businesses deduct the cost of assets over time and encourages investment in new assets for economic growth.
Step-by-step explanation:
The major objective of MACRS (modified accelerating cost recognition system) for tax depreciation is to allow businesses to deduct the cost of assets over a specific period of time. This depreciation method is used to allocate the cost of an asset to the years in which it is used, rather than deducting the entire cost in the year of purchase. It helps businesses contribute to economic growth by incentivizing investment in new assets.