Long-term capital gain refers to the profit earned from the sale of a capital asset that has been held for longer than a specified holding period, allowing it to qualify for favorable tax rates.
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.
