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Progressive Tax
A tax system where the tax rate increases as the taxable amount or income increases, placing a larger burden on those who have the ability to pay more.
Federal Income Tax
A charge imposed by the US federal government on the yearly income of persons, companies, trusts, and various legal bodies.
Excise Tax
A tax on the sale or consumption of a specific product or service, often levied at the point of manufacture or sale.
Taxable Income
is the amount of income used to calculate how much tax an individual or a company owes to the government in a given tax year.
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