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progressive tax

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ability to pay

ability to pay  

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) ...
flat tax

flat tax  

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A tax with a single rate (as opposed to one in which the rate of tax increases with the size of the tax base) and with no reliefs or exemptions apart from a standard personal allowance. In recent ...
income redistribution

income redistribution  

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The use of taxation, government spending, and controls to change the distribution of real incomes. Taxation may be more or less progressive. Government spending programmes may be generally available, ...
income tax

income tax  

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A direct tax on an individual's income. In general, individuals can earn income without paying tax up to a threshold, with subsequent income giving rise to tax liabilities, usually at increasing ...
marginal rate of tax

marginal rate of tax  

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The amount of extra tax that is incurred if a taxpayer earns £1 more than his or her current income. Under a progressive tax regime, the marginal rate of tax rises as incomes rise.
progressive tax system

progressive tax system   Reference library

The Handbook of International Financial Terms

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Subject Reference
Current Version:
2005

A method of levying taxes where the payment is linked to the amount of taxable income such that the ratio

regressive tax

regressive tax  

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A tax in which the rate of tax decreases as income or the tax base increases. Indirect taxes fall into this category. Regressive taxes are said to fall more heavily on the poor than on the rich; for ...
tax schedule

tax schedule  

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The relationship between taxable activity and tax liability. See also progressive tax.

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