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Describe what is meant by the systems perspective.
Federal Expenditures
The spending by the federal government of a country, including on defense, education, public welfare, and infrastructure projects.
Average Tax Rate
The portion of total income paid in taxes, calculated by dividing the total amount of taxes paid by the taxpayer's total income.
Taxable Income
The amount of income subject to taxes, determined by subtracting deductions and exemptions from gross income.
Marginal Tax Rate
The percentage of tax applied to your income for each tax bracket in which you qualify, essentially the rate applied to the last dollar of the taxpayer's income.
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