| A history of taxation | Purposes and effects of taxation | Tax rates | Direct and indirect taxation | Income tax | Retirement Capital gains Corporation and Poll tax | Sales, Property and Value added tax |
Tax rates
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.
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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%:
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.
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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%.
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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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