Examlex
For each of the following sentences, select the phrase or group of words that best completes the statement.
-Cash flows from operations
Tax System
The set of laws and regulations that govern how taxes are collected from individuals, businesses, and other entities within a country or specific jurisdiction.
Progressive Tax
A tax system where the tax rate increases as the taxable income increases, typically designed to tax higher-income individuals more heavily.
Proportional Tax
A tax system where the tax rate is fixed and applied equally to all taxpayers, irrespective of income level.
Tax Liability
The total amount of tax that an individual or entity is legally obligated to pay to a taxing authority.
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