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Early states had broad latitude to pursue their own policies, and the national government, under the Articles of Confederation, had little recourse if it disliked those policies. For example, the Rhode Island legislature-dominated by representatives of small farmers, artisans, and shopkeepers-frightened businessmen and property owners throughout the country by instituting
Taxable Income
Taxable income refers to the amount of an individual's or business's income used to determine how much tax they owe to the government in a given tax year, after all deductions and exemptions.
Tax Rates
The percentage at which an individual or corporation is taxed by the government, which can vary based on income level, type of income, and other factors.
Net Working Capital
The difference between a company's current assets and current liabilities, indicating the short-term financial health and operational efficiency of a company.
Marginal Tax Rates
The rate at which the next dollar of taxable income is taxed.
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