Examlex
While officers, as agents of a corporation, owe an agent's duty of obedience, diligence, and loyalty to the corporation, this is not true of directors.
Taxable Income
The portion of an individual's or entity's income used to calculate how much tax they owe to the government, after deductions and exemptions.
Regressive
Relating to a tax system in which the tax rate decreases as the taxable amount increases, often considered less fair to lower-income individuals.
Progressive
Pertaining to ideas, policies, or attitudes favoring progress, change, improvement, or reform, particularly in social conditions.
Average Tax Rate
The proportion of total income that is paid in taxes, calculated by dividing the total amount of taxes paid by total income.
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