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Tax rates
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Taxes are most often levied as a percentage, called the tax rate, of
a certain value, the tax base (how much income and assets one has,
earns, spends, inherits, etcetera). An ad valorem tax is one where
the tax base is the value of a good, service, or property. Sales
taxes, tariffs, property taxes, inheritance taxes, and value added
taxes are different types of ad valorem tax. An ad valorem tax is
typically imposed at the time of a transaction (sales tax or value
added tax (VAT)) but it may be imposed on an annual basis (property
tax) or in connection with another significant event (inheritance
tax or tariffs). An alternative to ad valorem taxation is an excise
tax, where the tax base is the quantity of something, regardless of
its price: for example, in the United Kingdom, a tax is collected on
the sale of alcoholic drinks that is calculated by volume and
beverage type rather than the price of the drink. An important distinction when talking about tax rates is to distinguish between the marginal rate and the average rate. The average rate is the total tax paid divided by the total amount the tax is paid on, while the marginal rate is the rate paid on the next dollar of income earned. In a “progressive” tax system, these can be very different. For example, if income is taxed on a formula of 5% from $0 up to $49,999, 10% from $50,000 to $99,999, and 15% over $100,000, a taxpayer with income of $175,000 would pay a total of $18,750: ((0.05*50,000) + (0.10*50,000) + (0.15*75,000)) =18,750 His average rate would be 10.7%: |
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In the tax system and in economics, the marginal tax rate refers to
the increase in one's tax obligation as one's taxable income rises: marginal tax rate = Δ(tax obligation)/Δ(taxable income) This can be measured either by looking at the published tax tables (to get the official marginal tax rate) or by looking at actual practice, i.e., how an increase in income raises tax obligations either within "brackets" or between them, including all types of taxes or just some of them. It may be calculated noting how tax changes with changes in pre-tax income, rather than with taxable income. Marginal tax rates do not fully describe the impact of taxation. A flat rate poll tax has marginal rate of zero, while a discontinuity in tax paid can lead to positively or negatively infinite marginal rates at particular points. Where social security and other benefits are related to income, the combined tax and benefit effect can also be taken into account giving a result sometimes described as the marginal effective tax rate or the marginal deduction rate. If the marginal deduction rate exceeds 100%, then an increase in gross income leads to a decrease in disposable income, discouraging attempts to increase income; when this occurs for low income individuals, it is known as the "poverty trap". (18,750/175,000) = 0.107 However, his marginal rate would be 15%. "Proportional", "Progressive", and "Regressive" taxation An important feature of tax systems is whether they are proportional tax (the tax as a percentage of income is constant over all income levels), progressive tax (the tax as a percentage of income rises as income rises), or regressive tax (the tax as a percentage of income falls as income rises). Progressive taxes reduce the tax incidence of people with smaller incomes, as they shift the incidence disproportionately to those with higher incomes. |
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