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INCOME TAX: A tax on income, including wages, rent, interest, profit, and (usually) transfer payments. The income tax system in the United States includes both a personal income tax and corporate income tax. In general, the U. S. income tax is progressive, but through a number of deductions and other loopholes, it's less so in practice that on paper.
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TAXATION BASICS Taxes are mandatory payments from members of society to governments. The total tax revenue collected from a specific tax can be identified as the product of the tax rate times the tax base. The tax base can be specified as either a physical quantity or monetary value, giving rise to two types of tax per unit tax (quantity) and ad valorem tax (value). In some cases it is useful to specify a tax rate as an average tax rate and in other cases as a marginal tax rate.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius trying to buy either shoe laces for your snow boots or a rim for your spare tire. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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This isn't me! What am I?
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Two and a half gallons of oil are needed to produce one automobile tire.
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"If you are neutral in situations of injustice, you have chosen the side of the oppressor. If an elephant has its foot on the tail of a mouse and you say that you are neutral, the mouse will not appreciate your neutrality." -- Desmond Tutu, activist
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MBO
Management Buy-Out
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