Business, Legal & Accounting Glossary
The means by which taxes are raised and collected in accordance with tax legislation.
Tax systems fall into three main categories: regressive, proportional, and progressive. Regressive taxes have a greater impact on low-income individuals than they do on high-income earners. A proportional tax, also referred to as a flat tax, impacts low-, middle-, and high-income earners relatively equally.
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This glossary post was last updated: 6th April, 2020 | 11 Views.