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.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
Definitions for Tax System are sourced/syndicated and enhanced from:
This glossary post was last updated: 6th April, 2020 | 10 Views.