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Which of the following statements is FALSE regarding coronary heart disease and smoking?
Marginal Tax Rate
The additional tax liability a person faces divided by his or her additional taxable income. It is the percentage of an extra dollar of income earned that must be paid in taxes. It is the marginal tax rate that is relevant in personal decision-making.
Tax Liability
The total amount of taxes an individual or organization is legally obligated to pay to a taxation authority.
Taxable Income
The amount of income used to determine how much tax an individual or a company owes to the government.
Taxable Income
The portion of an individual's or corporation's income that is subject to taxes according to federal, state, or local laws.
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