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Progressive Tax
A taxation system where the tax rate increases as the taxable amount (income or profits) increases, making it proportionately more taxing on higher earners.
Income Increases
Refers to a situation where an individual's or entity's earnings grow over a period, leading to higher financial resources.
Taxable Income
The portion of an individual's or organization's income that is subject to federal, state, or other forms of taxation.
Marginal Tax Rate
Marginal Tax Rate is the percentage of tax applied to your income for each tax bracket in which you qualify.
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