Examlex
The conceptual framework of accounting begins with
Average Tax Rate
Total taxes paid divided by total income
Taxable Income
The amount of income used to determine how much tax an individual or a company owes to the government in a given tax year.
Lump-Sum Taxes
Taxes with a fixed amount, not dependent on the taxpayer's income level or economic activity, making them neither progressive nor regressive.
Equitable
Characterized by fairness and impartiality; the fair distribution of resources and opportunities.
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