A report on Tax, Flat tax and Income tax
A flat tax (short for flat-rate tax) is a tax with a single rate on the taxable amount, after accounting for any deductions or exemptions from the tax base.- Flat tax
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income).- Income tax
Some levy a flat percentage rate of taxation on personal annual income, but most scale taxes are progressive based on brackets of annual income amounts.- Tax
Most countries charge a tax on an individual's income as well as on corporate income.- Tax
A flat tax system is usually discussed in the context of an income tax, where progressivity is common, but it may also apply to taxes on consumption, property or transfers.- Flat tax
The tax systems vary greatly and can be progressive, proportional, or regressive, depending on the type of tax.- Income tax
1 related topic with Alpha
Progressive tax0 links
A progressive tax is a tax in which the tax rate increases as the taxable amount increases.
The term is frequently applied in reference to personal income taxes, in which people with lower income pay a lower percentage of that income in tax than do those with higher income.
The act was signed into law by President Abraham Lincoln, and replaced the Revenue Act of 1861, which had imposed a flat income tax of 3% on incomes above $800.