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income tax
noun
: a tax on the net income of an individual or a business
Example Sentences
Federal income tax will be deducted from your pay. The new law will lower income taxes for most taxpayers.
Recent Examples on the Web The plan would lower the income tax rate to a flat 1.5 percent. 
James Freeman, WSJ, 9 Sep. 2022 California already has by far the nation’s highest state income tax rate — 13.3%, compared with 11% in Hawaii, 10.75% in New Jersey and 9.9% in neighboring Oregon. George Skelton, Los Angeles Times, 18 Aug. 2022 This distinction allows the general partners to nearly halve their tax bill by paying the 20% long-term capital gains rate instead of the ordinary income tax rate of 37% that would likely apply to these top earners. Alan Gassman, Forbes, 12 Aug. 2022 Arkansas’ top corporate income tax rate of 6.2% dropped to 5.9% on Jan. 1, 2022. Michael R. Wickline, Arkansas Online, 10 Aug. 2022 An unlikely backer Ride-hailing company Lyft has poured more than $15 million into Proposition 30, which would raise the income tax rate for wealthy people and earmark the money for climate projects, including getting more people into electric cars. Kellie Hwang, San Francisco Chronicle, 8 Aug. 2022 The maximum income tax rate is 5% and 2% on the low-end. al, 25 July 2022 According to information from city officials, Avon Lake’s current income tax rate is 1.5 percent. cleveland, 1 July 2022 The proposal, dubbed the Fair Share Amendment by its proponents, would amend the state Constitution to create a 9 percent income tax rate on annual earnings above $1 million, while retaining the broad 5 percent rate for earnings below that amount. Globe Staff, BostonGlobe.com, 22 June 2022 See More
James Freeman, WSJ, 9 Sep. 2022 California already has by far the nation’s highest state income tax rate — 13.3%, compared with 11% in Hawaii, 10.75% in New Jersey and 9.9% in neighboring Oregon. George Skelton, Los Angeles Times, 18 Aug. 2022 This distinction allows the general partners to nearly halve their tax bill by paying the 20% long-term capital gains rate instead of the ordinary income tax rate of 37% that would likely apply to these top earners. Alan Gassman, Forbes, 12 Aug. 2022 Arkansas’ top corporate income tax rate of 6.2% dropped to 5.9% on Jan. 1, 2022. Michael R. Wickline, Arkansas Online, 10 Aug. 2022 An unlikely backer Ride-hailing company Lyft has poured more than $15 million into Proposition 30, which would raise the income tax rate for wealthy people and earmark the money for climate projects, including getting more people into electric cars. Kellie Hwang, San Francisco Chronicle, 8 Aug. 2022 The maximum income tax rate is 5% and 2% on the low-end. al, 25 July 2022 According to information from city officials, Avon Lake’s current income tax rate is 1.5 percent. cleveland, 1 July 2022 The proposal, dubbed the Fair Share Amendment by its proponents, would amend the state Constitution to create a 9 percent income tax rate on annual earnings above $1 million, while retaining the broad 5 percent rate for earnings below that amount. Globe Staff, BostonGlobe.com, 22 June 2022 See More Word History
First Known Use
1799, in the meaning defined above
Time Traveler
The first known use of income tax was in 1799 👨🏻🏫 Mr. Ng 韋氏詞典 📚 – mw.mister5️⃣.net
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