The Principle of Responsibility Means That Individuals, Organizations, and Societies

question 64

True/False

The principle of responsibility means that individuals, organizations, and societies should be held accountable to others for the consequences of their actions.

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Definitions:

Marginal Tax Rate

The marginal tax rate is the percentage of tax applied to your income for each tax bracket in which you qualify, essentially the rate paid on the last dollar of income.

Average Tax Rate

The proportion of total income that is paid in taxes, calculated by dividing the total taxes paid by the total taxable income.

Marginal Tax Rate

The rate at which the last dollar of income is taxed, indicating the percentage of additional income that will be taxed.

Marginal Tax Rate

The rate at which the next dollar of taxable income will be taxed.