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The concept that people in different income groups should pay different rates of taxes or different percentages of their incomes as taxes. "Unequals should be taxed unequally."
- Browse Related Terms: ability to pay, benefits received, Earned Income Credit (EIC), financial records, Gross Income, horizontal equity, underground economy, vertical equity
All > Business > Finance > Personal Finance > Income Tax
A system of compliance that relies on individual citizens to report their income freely and voluntarily, calculate their tax liability correctly, and file a tax return on time.
- Browse Related Terms: direct tax, indirect tax, informal tax legislation process, Internal Revenue Service (IRS), mass tax, nullification, Revenue, sin tax, tax avoidance, voluntary compliance
All > Business > Finance > Personal Finance > Income Tax
This provides free income tax return preparation for certain taxpayers. The VITA program assists taxpayers who have limited or moderate incomes, have limited English skills, or are elderly or disabled. Many VITA sites offer electronic preparation and transmission of income tax returns.
- Browse Related Terms: Appeal, Authorized IRS e-file Provider, electronic filing (e-file), electronic preparation, Electronic Return Originator (ERO), Federal/State e-file, file a return, Intermediate Service Provider (ISP), IRS e-file, Personal Identification Number (PIN), Software Developer, tax preparation software, transmit, transmitter, Volunteer Income Tax Assistance (VITA)