A report on Tax rate, Tax and Progressive tax
In a tax system, the tax rate is the ratio (usually expressed as a percentage) at which a business or person is taxed.
- Tax rateA progressive tax is a tax in which the tax rate increases as the taxable amount increases.
- Progressive taxSome levy a flat percentage rate of taxation on personal annual income, but most scale taxes are progressive based on brackets of annual income amounts.
- TaxIn case of tax brackets, commonly used for progressive taxes, the average tax rate increases as taxable income increases through tax brackets, asymptoting to the top tax rate.
- Tax rateA progressive tax is a tax imposed so that the effective tax rate increases as the amount to which the rate is applied increases.
- Tax1 related topic with Alpha
Flat tax
0 linksA 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.
Implementations are often progressive due to exemptions, or regressive in case of a maximum taxable amount.