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:
“Some rough political choices lie ahead. Should affirmative action be retained? Should preference be given to people on the basis of income rather than race? Should the system be—and can it be—scrapped altogether?”
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