The Income Taxation System
We define income tax as the tax levied on the income of individuals or business corporate which makes some earnings as income. Income tax systems are those systems that have been designed to measure the amount of income tax to be levied on the incomes of individuals. These systems have carrying degrees of tax incidence in different countries. We find that in a particular country, taxation is base on the level of the individuals income while in another country all people are taxed the same regardless of the level of income. Therefore, the size of the tax rate will actually depend on the country you are in since different countries adapt different taxation systems.
Subdivisions of the Income Tax
Income tax can be divided into individual income tax and the corporate income tax. We find that a corporate can have a higher income due to the production or the volume of sales according to its operations. Taxation on the corporate can be enormous simply because the earning is high and thus it should be taxed heavily to cater for the government expenditure. An individual income tax is not enormous simply because many individuals do not have higher incomes and a small percentage is attached to their incomes as a tax rate.
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