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Tax
A compulsory financial charge or some other type of levy imposed on a taxpayer by a governmental organization in order to fund government spending and various public expenditures.
Proportional
Pertaining to a relationship where quantities change at the same rate, maintaining a constant ratio.
Taxable Income
The portion of an individual's or business's income used to determine how much tax will be owed to the federal government.
Marginal Tax Rate
The percentage of tax applied to an individual's or entity's income for each additional unit of income.
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