Examlex
If a person who generates a negative externality incorporates into his or her private cost-benefit calculations the effects that this externality will have on third parties, the externality has been
Taxable Income
The portion of income that is subject to taxation after all allowances, deductions, and exemptions are factored in.
Total Tax
The sum of all the taxes levied by different levels of government on an individual or business.
Marginal Tax Rate
The rate at which the last dollar of income is taxed, indicating the impact of an additional dollar of income on the amount of taxes owed.
Taxable Income
The amount of income that is subject to taxes, after all deductions and exemptions have been factored in.
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