Examlex
What is the difference between Grade 1 and Grade 2 Braille?
Taxable Income
The portion of an individual’s or entity’s income that is subject to income tax after all deductions and exemptions.
Progressive
A system or policy where the level of contribution or effort increases with some measure of capacity, such as a progressive tax system where higher income earns pay a higher rate.
Proportional
Relating to or denoting a relationship where elements vary together at a constant rate and a change in one element results in a corresponding change in another.
Regressive
A term describing a tax system where the tax rate decreases as the taxable amount increases, placing a greater relative burden on lower income earners.
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