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Marginal Tax Rate
The rate at which the last dollar of income is taxed, showcasing how much tax will be paid on an additional dollar of income.
Taxable Income
The amount of an individual's or corporation's income used to determine how much tax is owed to the federal government.
Taxes
Compulsory financial charges or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.
Sales And Excise Taxes
Sales and excise taxes are forms of indirect taxation imposed on the sale of certain goods and services, where excise taxes are often levied on specific products like tobacco or alcohol.
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