Income Taxes

Income taxes are the taxes paid on income earned by an individual on yearly basis. Income taxes are obtained from organizations working for human welfare. Income taxes are usually imposed of partnership as well rather partners will pay their income tax on the basis of share they have in the partnership business.

Regressive Tax

A regressive tax can be defined as a type of tax that increases in terms of percentage of income as the amount of income gradually declines. The concept of regressive tax is implemented all over Europe however USA has a concept opposite to that