By Jack Phillips President Donald Trump on Tuesday provided his most direct endorsement yet that he believes his tariff policies would generate enough revenue to abolish federal income taxes. Trump told reporters in a Cabinet meeting that “at some point in the not too distant future you won’t even have income tax to pay” due […]
Tag: Income Tax
An income tax is a tax imposed on individuals or entities that varies with respective income or profits. Income tax generally is computed as the product of a tax rate times taxable income. Taxation rates may vary by type or characteristics of the taxpayer. The tax rate may increase as taxable income increases.
