What is income tax?

  • (noun): A personal tax levied on annual income.

Income Tax

An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate tax, corporate income tax, or profit tax. Various systems define income differently, and often allow notional reductions of income (such as a reduction based on number of children supported).

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Some articles on income tax:

Culture Of Rhode Island - Economy
... See also Rhode Island locations by per capita income The Rhode Island economy had a colonial base in fishing ... factories—many of them now being used for condominiums, museums, offices, and low-income and elderly housing ... Its 2000 per capita personal income was $29,685, 16th in the nation ...
List Of Laws And Reports On LGBT Rights In Ireland - Finance (No. 3) Act 2011
... This act grants civil partners the same tax entitlements as married coupled in income tax, stamp duty (which covers the buying and selling of homes ... Same-sex cohabiting couples are not entitled to the same range of tax entitlements and must enter a civil partnership to avail of this ... Some of the tax entitlements of civil partners have been made retrospective to 1 January 2011 such as capital acquisitions tax and stamp duty ...
Salisbury-Elk Lick School District - Budget
... The district is funded by a combination of a local income tax, a property tax, a real estate transfer tax, coupled with substantial funding from the Commonwealth of Pennsylvania and the federal ... In the Commonwealth of Pennsylvania, pension income and Social Security income are exempted from state personal income tax and local earned income tax, regardless of the person's wealth ...
Massachusetts State Income Tax Repeal Initiative
... The State Income Tax Repeal, also known as Massachusetts Question 1, was one of the 2008 ballot measures that appeared on the November 4, 2008 ballot in the U.S ... measure which, if it had passed, would have ended the 5.3% income tax in Massachusetts on wages, interest, dividends and capital gains ...
Income Tax - Transparency/public Disclosure
... Public disclosure of personal income tax filings occurs in Finland, Sweden and Norway. ...

Famous quotes containing the words tax and/or income:

    In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
    Alexis de Tocqueville (1805–1859)

    I know everybody’s income and what everybody earns,
    And I carefully compare it with the income-tax returns;
    Sir William Schwenck Gilbert (1836–1911)