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What is the difference between top-down budgeting and bottom-up budgeting?
Marginal Tax Rate
The amount of tax paid on an additional dollar of income, used in progressive tax systems to ensure higher incomes are taxed at higher rates.
Federal Income Tax
The United States federal government imposes a financial charge on the yearly revenues of individuals, corporations, trusts, and other legal entities.
Marginal Tax Rate
The tax rate that applies to the next additional increment of a taxpayer's taxable income.
Taxable Income
The portion of an individual's or a corporation's income that is subject to taxation by the government.
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