Income Tax

… a core concept in Economic Analysis and Atlas102

IncomeTaxConcept description

Investopedia defines income tax as a tax that governments impose on financial income generated by all entities within their jurisdiction.

Investopedia goes on to say:

“By law, businesses and individuals must file an income tax return every year to determine whether they owe any taxes or are eligible for a tax refund. Income tax is a key source of funds that the government uses to fund its activities and serve the public. Most countries employ a progressive income tax system in which higher income earners pay a higher tax rate compared to their lower earning counterparts.”

See also Taxation.


Investopedia, Income Tax, at, accessed 11 May 2016.

Atlas topic and subject

Labour Markets, Transfers, and Personal Taxes (core topic) in Economic Analysis.

Page created by: Ian Clark, last modified on 11 May 2016.

Image:, at, accessed 11 May 2016.