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date: 08 August 2022

ability to pay 

Source:
A Dictionary of Business and Management
Author(s):
Jonathan LawJonathan Law

The principle that taxes should be levied on the basis of taxpayers’ ability to pay. This normally leads to the view that as income or wealth increases, its marginal utility (its value to its owner) decreases so that higher rates of tax can be levied on the higher slices. A typical ... ...

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