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income tax |
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income taxA direct tax levied on corporate profits and on personal income, mainly wages and salaries, but which may include dividends, interests, rents, royalties, and the value of receipts other than in cash. It is one of the main instruments for achieving a government's income redistribution objectives. In the US, every citizen (with certain exemptions on the grounds of age or income level) must file an annual report for income-tax consideration. The tax-rates, which are calculated on a percentage basis, and allowances (deductions) are fixed by Congress from year to year. A state income tax is also levied in many states, the amount of tax and allowances varying from state to state; and in a few cases, such as New York City, there is a city income tax as well. |
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| Secondly, in their dealings with the State: when there is an income tax, the just man will pay more and the unjust less on the same amount of income; and when there is anything to be received the one gains nothing and the other much. The third time the graduated income tax was declared unconstitutional was a gouge. |
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