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Regressive Tax , A tax with a rate that decreases as the taxpayer's income increases.
The result of a regressive tax is that the lower-income taxpayer pays a larger p… Paxton's Case Gray, Mass. Repts., 51 469 (1761) , pay1 / pā/ • v. (past paid ) 1. [tr.] give (someone) money that is due for work done, goods received, or a debt incurred: [tr.] he paid the locals to… Income Tax , An income tax is a portion of an individual or business’s earnings that is collected by the government. The income tax is charged, or levied, as a pe… Tax Exemption , tax-ex·empt • adj. not liable or obligated to pay taxes: the foundation has applied for tax-exempt status. ∎ bearing interest on which no taxes are i… Negative Income Tax , A negative income tax (NIT) provides an income guarantee to families without other sources of income, but taxes away that guarantee as the family’s e… Tax Reform Act , The Tax Reform Act of 1986 (100 Stat. 2085, 26 U.S.C.A. §§ 47, 1042) made major changes in how income was taxed. The act either altered or eliminated…
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