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their education and resources, wealthy people have both political competence and political efficacy is one likely explanation for the fact that the 2001 tax cuts favored the wealthiest Americans.
What is tax?
A tax is a mandatory financial charge or other sort of levy imposed on a taxpayer by a governmental organization to fund government spending and related public expenses, and taxation is a type of levy.
A tax deduction is a provision that lowers the amount of taxable income. A standard deduction is a single, fixed-amount deduction. Itemized deductions are popular with higher-income taxpayers because they frequently have considerable deductible expenses such as state/local taxes paid, mortgage interest, and charitable contributions.
The effective tax rate is the percentage of an individual's or corporation's income that is paid in taxes. Individuals' effective tax rate is the average rate at which their earned and unearned income, such as stock dividends, are taxed.
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