income tax

noun

: a tax on the net income of an individual or a business

Examples of income tax in a Sentence

Federal income tax will be deducted from your pay. The new law will lower income taxes for most taxpayers.
Recent Examples on the Web
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An accompanying state constitutional amendment would set spending growth limits on the General Assembly and direct future revenue growth toward eliminating the personal income tax and corporate income tax. Jonathan Shorman and, Kansas City Star, 8 Jan. 2025 South Carolina lawmakers have racked up a number of conservative policy victories in recent years (such as the enactment of income tax relief, school choice, and Certificate of Need repeal). Patrick Gleason, Forbes, 7 Jan. 2025 The $10,000 per federal income tax return cap on the deductions, called SALT, was imposed in 2017 as part of the sweeping overhaul of the tax code pushed by Trump. David Lightman, Sacramento Bee, 3 Jan. 2025 In 2023, a group of House Republicans attempted to raise sales taxes with the FairTax Act, which would have abolished the Internal Revenue Service and replaced income tax and other levies with a national sales tax. Clare Mulroy, USA TODAY, 3 Jan. 2025 See all Example Sentences for income tax 

Word History

First Known Use

1799, in the meaning defined above

Time Traveler
The first known use of income tax was in 1799

Dictionary Entries Near income tax

Cite this Entry

“Income tax.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/income%20tax. Accessed 18 Jan. 2025.

Kids Definition

income tax

noun
ˈin-(ˌ)kəm-
: a tax on the income of a person or business

Legal Definition

income tax

noun
: a tax on the net income of an individual or a business compare excise, property tax
Last Updated: - Updated example sentences
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