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Ricky and Lucy are debating several types of taxes. Their debate has focused on the different types of tax rate structures and whether they are "fair." Please define each tax rate structure, provide examples of each structure, and discuss how each structure may be viewed with respect to vertical equity.
Taxable Incomes
The portion of an individual's or corporation's income used to determine how much tax is owed to the government.
Tax Bracket
A range of incomes taxed at a given rate, used in a progressive tax system to ensure fairness.
Taxable Income
The amount of an individual's or a corporation's income used to determine how much tax they owe to the government in a given tax year.
Deductions
Amounts that are subtracted from income before it is subjected to taxation, decreasing the total taxable income amount.
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