Instructions: Identify the Following

question 6

Short Answer

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Zachary Taylor

---

Definitions:

Income Tax Liability

The amount of tax that an individual or entity is legally obligated to pay to a tax authority, based on their income.

Vertical Equity

A principle of taxation that suggests taxpayers with a higher ability to pay should contribute more in taxes than those with a lesser ability to pay.

Horizontal Equity

The principle that individuals with equal ability to pay should face equal tax burdens.

Marginal Tax Rates

The tax rate that applies to the next dollar of taxable income.