Income Tax

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  • The tax paid on income and a source of government revenue to provide social and essential services. Individuals and businesses pay taxes on income when they are not exempted from making such payments. A tax is progressive or equitable when those who earn more income pay proportionately more than those who earn less. In the United States, the marginal tax rate is the tax paid on the last amount of dollar earned. An income tax reduction has the potential of increasing disposable income, and therefore the amount of money that can be used to purchase goods and services in a national economy.

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