Examlex
The commonly recurring mark that looks like a P is thought to stand for
Individual Income Tax
A tax levied on the income of individuals or households by the government.
Proportional Tax
A tax system where the tax rate remains constant regardless of the amount subject to taxation.
Marginal Tax Rate
The tax rate that applies to each additional dollar of income, indicating how much of the next dollar earned will be taken in taxes.
Average Tax Rate
Average Tax Rate is the proportion of the total income paid as taxes, calculated by dividing the total taxes by the total taxable income.
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