Private Law Is Concerned With

question 43

Multiple Choice

Private law is concerned with:

• A)The relationships between the various States.
• B)The relationships between the States and the Federal government.
• C)The relationships between people within the community.
• D)The relationships between the various nations.

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Definitions:

Income

Cash inflow, regularly obtained, as compensation for work or earnings from invested capital.

Average Tax Rate

The average tax rate is the proportion of total taxable income paid in taxes, calculated by dividing the total tax paid by the total income.

Marginal Tax Rate

The rate at which the last dollar of income is taxed.

Lump-Sum Tax Rate

A tax that is a fixed amount, no matter the change in circumstance of the taxed entity. This creates a situation where the tax burden falls more heavily on those with lower income or profit.