A specific percentage of tax that an individual or business owes on income, goods, services or assets. There are three different categories that fall under this including progressive tax, proportional tax and regressive tax. Depending upon the type of tax paid, a tax burden changes.

Previous Terms: 1031 Exchange, 1035 Exchange, AARP, Abeyance, Abstraction Principle, Accelerated Amortization, Acceptance Credit, Acceptance of a Bill of Exchange, Accommodation Bill, Accommodation Endorser