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English definition of “income tax”

income tax

noun [C or U]
 
 
TAX a tax on the money that a person earns from working or that a company earns from the sale of products or services: business/corporate/personal income taxavoid/evade/pay income tax Several tax evaders got away with no penalties by agreeing to pay income tax for previous years.put up/increase/raise income tax Congress is highly unlikely to raise income tax in an election year. to cut/reduce/lower income tax The Chancellor proposed a 1p cut in the basic rate of income tax.
→ See also corporate income tax, federal income tax, individual income tax, negative income tax, personal income tax, state income tax
(Definition of income tax from the Cambridge Business English Dictionary © Cambridge University Press)
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