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Public goods and services are benefits provided for everyone, whether or not they pay for them, and using them doesn’t reduce how much others can use. Public goods and services …
What Are Public Goods and Services? – Simple and Easy Explanation Read More
A protective tariff is a tax on imported goods designed to encourage people to buy domestic products instead of foreign ones. A protective tariff may sound like a complicated piece …
What Is a Protective Tariff? – Simple and Easy Explanation Read More
A proportional tax charges the same percentage of income from everyone, no matter how much they earn. A proportional tax can feel like one of the simpler tax concepts because, …
What Is a Proportional Tax? – Simple and Easy Explanation Read More
Property taxes are taxes paid on real estate and certain personal property, such as cars, boats, and business equipment. Property taxes are one of the most common taxes people encounter, …
What Are Property Taxes? – Simple and Easy Explanation Read More
A progressive tax is a tax system where higher-income earners pay a larger percentage of their income than lower-income earners. A progressive tax is one of the most widely discussed …
What Is a Progressive Tax? – Simple and Easy Explanation Read More
A personal identification number (PIN) is a five-digit electronic “signature” that lets taxpayers securely sign and submit their tax returns online. A Personal Identification Number (PIN) may seem like a …
What Is a Personal Identification Number (PIN)? – Simple and Easy Explanation Read More
A personal exemption reduces the amount of income you’re taxed on by allowing you to claim yourself and your spouse. A personal exemption used to be one of the simplest …
What Is a Personal Exemption? – Simple and Easy Explanation Read More
Payroll taxes are mandatory taxes that fund Social Security and Medicare programs. Payroll taxes are a key part of how the government funds important social programs, yet many people don’t …
What Are Payroll Taxes? – Simple and Easy Explanation Read More
Nullification refers to a state choosing not to recognize or enforce a federal law within its borders. Understanding What Nullification Means In the simplest terms, nullification is the idea that …
What Is Nullification? – Simple and Easy Explanation Read More
A nonrefundable tax credit can lower your tax bill to zero, but it cannot give you a refund beyond that amount. Understanding What a Nonrefundable Credit Means A nonrefundable credit …
What Is a Nonrefundable Credit? – Simple and Easy Explanation Read More