11:21
imagine if it was like Berkley applications
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LSDefine
Simple English definitions for legal terms
graduated tax
Read a random definition: retrospective statute
A quick definition of graduated tax:
A graduated tax is a type of tax where the amount you pay depends on how much money you make. If you make more money, you pay a higher percentage of your income in taxes. This is different from a flat tax, where everyone pays the same percentage regardless of how much money they make. Taxes are charges that the government collects from people, businesses, and property to pay for things like schools, roads, and public services.
A more thorough explanation:
A graduated tax is a type of tax where the rate of taxation increases as the income or value being taxed increases. This means that people who earn more or have more valuable property will pay a higher percentage of their income or property value in taxes than those who earn less or have less valuable property.
For example, in a country with a graduated income tax, someone who earns $50,000 per year might pay a tax rate of 20%, while someone who earns $100,000 per year might pay a tax rate of 30%. This is because the graduated tax system is designed to be more fair, as it places a greater burden on those who can afford to pay more.
Another example of a graduated tax is an estate tax, which is a tax on the value of a deceased person's estate. In a graduated estate tax system, the tax rate increases as the value of the estate increases. This means that people with larger estates will pay a higher percentage of their estate value in taxes than those with smaller estates.