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What are US Income Taxes?
In the United States there are progressive U.S. income taxes, a regressive Social Security tax, and a variety of local property taxes, excise taxes, and user fees that are somewhat regressive. Taxpayers over a wide range of income levels end up paying roughly the same percentage of their incomes in taxes. Although no single tax is proportional, the combination of different taxes creates a roughly proportional system. Vertical equity is the concept that people in different income groups should pay different tax rates. A progressive tax takes a larger percentage of income from high-income groups than from low-income groups and is based on the concept of ability to pay. A progressive tax system might, for example, tax low-income taxpayers at 10 percent, middle-income taxpayers at 15 percent and high-income taxpayers at 30 percent. The U.S. income tax is based on the progressive tax system. Confused about U.S. income tax terms and forms? Interested in learning more about the basic concepts behind U.S. income taxes? Ready to join the millions who now file electronically and enjoy the benefits of easy filing and quick U.S. income tax refunds? Click the link below to find out more: Understanding U.S. Income Taxes!
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