Examlex
Find the limit (if it exists) :
Federal Income Tax
A tax levied by the federal government on the annual income of individuals, corporations, trusts, and other legal entities.
Regressive Tax
A tax system where the tax rate decreases as the taxable amount increases, imposing a heavier burden on lower-income individuals.
Proportional Tax
A tax system where the tax rate is fixed and applied uniformly to all taxpayers, regardless of income level.
Marginal Tax Rate
The tax rate applied to the next dollar of taxable income, indicating how much tax will be paid on an additional dollar earned.
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