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WHAT IS A FLAT INCOME TAX AND HOW DOES IT WORK?
WHAT IS A FLAT INCOME TAX AND HOW DOES IT WORK?
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Guest
Guest
Feb 19, 2025
6:14 AM
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A direct tax is a tax in which the burden is directly shifted to the taxpayer and is progressive in nature. Progressive in nature means the tax liability increases as the taxpayer’s income increases. But in a flat income tax environment, no matter the taxpayer’s income, everyone needs to pay equal tax rates on their respective income. To navigate the complexities of direct taxes, especially in a progressive tax system, many individuals and businesses turn to a Tax preparation service. These professionals can help ensure that the correct tax rate is applied and that all deductions and exemptions are properly accounted for, minimizing tax liability.Read this article
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