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What is fraternal polyandry?
Average Tax Rate
The ratio of the total amount of taxes paid to the taxpayer's total income, representing the percentage of income paid in taxes.
Marginal Tax Rate
The tax rate applied to the last dollar of income, representing the percentage of tax paid on any additional dollar of income.
Taxable Income
The portion of an individual's or entity's income used to calculate how much tax they owe to the government, after deductions and exemptions.
Regressive
Relating to a tax system in which the tax rate decreases as the taxable amount increases, often considered less fair to lower-income individuals.
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