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Long-term growth in production can be explained by:
Marginal Tax Rate
The rate at which the last dollar of a taxpayer’s income is taxed, indicating the percentage of additional income that will be taxed.
Average Tax Rate
The portion of total income that is paid as taxes, calculated by dividing the total amount of taxes paid by the total income.
Tax Liability
The total amount of tax that an individual or business owes to the government, based on their income or revenue.
Marginal Tax Rate
The rate at which the last dollar of income is taxed, representing the percentage of tax applied to your income for each tax bracket in which you qualify.
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