Fiscal policy refers to the government's decisions regarding taxation, government spending, and borrowing, designed to influence the economy. It aims to manage economic fluctuations by adjusting public finance mechanics such as federal budgets and deficits.
In real estate, a mill represents one-tenth of a cent. It is often used to express tax rates on a per-dollar basis of assessed valuation.
Proportional taxation, also known as a flat tax, is a tax system where the tax rate remains constant regardless of the individual's income level. Unlike progressive or regressive tax systems, proportional taxation applies an equal tax rate to every taxpayer.
A tax is a mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund various public expenditures. Failure to pay, along with evasion of or resistance to taxation, is punishable by law.
