Consider the following tax rate structures. Is it horizontally equitable? Why or why not? Is it vertically equitable? Why or why not?
Definitions:
Bind
To legally obligate oneself or another party to an agreement or contract.
Principal
The main party to a transaction or contract, or the amount of money on which interest is paid or received.
Ratify
The official approval or confirmation of a treaty, contract, or agreement, making it valid and binding.
Contract
A legally binding agreement between two or more parties that outlines the terms and conditions of a particular arrangement or transaction.
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