An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate tax, corporate income tax, or profit tax. Various systems define income differently, and often allow notional reductions of income (such as a reduction based on number of children supported).
Read more about Income Tax: Principles of Taxes, History, Around The World, Transparency/public Disclosure
Famous quotes containing the words income and/or tax:
“The secret of success lies never in the amount of money, but in the relation of income to outgo.”
—Ralph Waldo Emerson (1803–1882)
“Rumble thy bellyful! Spit, fire! Spout, rain!
Nor rain, wind, thunder, fire are my daughters.
I tax you not, you elements, with unkindness;
I never gave you kingdom, called you children.”
—William Shakespeare (1564–1616)