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from Part II - Tax Law in Context
Published online by Cambridge University Press: 01 September 2022
Today, the opposite applies in most successful tax states. Progressive tax rates apply to labour income but capital income and gains are often taxed at lower rates, while a variety of exemptions, concessions and reduced tax rates apply to some kinds of saving. This lower tax on capital income and gains is combined with a corporate tax rate that is almost always lower than the top marginal income tax rate (see further Chapter 7). Wealth and inheritance taxes have been repealed or significantly reduced in many countries since the 1980s.
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