Flashcard Definition
A tax which is based upon an individual’s ability to pay. Involves higher earners facing a higher tax burden than lower earners with a higher marginal tax rate.
Block Type
Flashcard
Related content:
Effects of taxes and benefits on UK household income - Office for National Statistics
In the financial year ending (FYE) 2021, which covered the first year of the coronavirus pandemic, the median household income in the UK before taxes and benefits was £34,000, increasing to £37,600 after taxes and benefits.
www.ons.gov.uk