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Under which of the following presidents did the federal government actually have a government surplus?
Tax Bracket
A range of incomes taxed at a given rate.
Average Tax Rate
The ratio of the total amount of taxes paid to the total taxable income, showing the share of income that goes to taxes.
Marginal Tax Rate
The rate at which the last dollar of income is taxed, indicating the percentage of an additional dollar of earnings that will be paid in tax.
Average Tax Rate
The average tax rate is the portion of total income that is paid as taxes, calculated by dividing the total taxes paid by the total income.
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