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Which of the following national political figures won the 1848 presidential election?
Marginal Tax Rate
The tax rate that applies to the next dollar of taxable income earned, indicating the proportion of an additional dollar of income that is paid in tax.
Average Tax Rate
The proportion of total income that is paid as taxes, calculated by dividing the total amount of taxes paid by the taxpayer's total income.
Horizontal Equity
The principle that individuals with similar income or assets should pay the same amount in taxes.
Vertical Equity
A principle in taxation where taxpayers with a greater ability to pay, pay more in taxes, demonstrating a progressive tax system.
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