Asked by
Aleah Brooks-Ellis
on Nov 26, 2024Verified
As of 2019, the marginal tax rates of the federal personal income tax
A) are less than corresponding average tax rates.
B) rise from 5 to 35 percent.
C) fall from 20 to 10 percent.
D) rise from 10 to 37 percent.
Marginal Tax Rates
The amount of tax paid on an additional dollar of income, which can vary by income level and type of taxpayer.
Federal Personal Income Tax
A tax levied by the federal government on the annual income of individuals, with rates varying based on income levels.
Average Tax Rates
The ratio of total taxes paid to total income, expressing the fraction of income that is paid in taxes.
- Comprehend the meaning and attributes of progressive, regressive, and proportional taxation systems.
Verified Answer
NB
Learning Objectives
- Comprehend the meaning and attributes of progressive, regressive, and proportional taxation systems.