Key Terms Instructions: Please Define the Following Key Terms

question 3

Essay

Key Terms Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
Estates General

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Definitions:

Income Tax System

The framework by which governments collect a percentage of income from individuals and businesses as tax, which varies according to earnings levels.

Marginal Tax Rate

The rate at which the last dollar of income is taxed, representing the percentage of additional income that is paid in tax.

Tax Liability

The total amount of tax that an individual or a corporation owes to the government.

Income

The total amount of money earned or received by an individual or group, typically within a specified period, from work, investments, or other sources.