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Explain the impeachment of President Johnson by the House of Representatives and his subsequent acquittal in the Senate. What implications did Johnson's acquittal have for the future?
Vertical Equity
A principle in taxation that proposes taxpayers with a greater ability to pay, such as higher income levels, should pay more in taxes than those with lesser ability to pay.
Horizontal Equity
The principle that individuals with the same income or resources should be treated equally by the tax system.
Tax Deductions
Expenses that can be subtracted from gross income to reduce the amount of income that is subject to income tax.
Double Taxation
A taxation principle where income taxes are paid twice on the same source of earned income, property, or financial asset.
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