The rate or percentage at which the government taxes your income is determined by your tax bracket, which is your level of income. Research and write a paragraph explaining how the government decides the income tax and tax brackets for taxpayers.
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A tax bracket refers to a range of incomes subject to a certain income tax rate. Tax brackets result in a progressive tax system, in which taxation progressively increases as an individual’s income grows. Low incomes fall into tax brackets with relatively low income tax rates, while higher earnings fall into brackets
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A tax rate is the percentage at which an individual or corporation is taxed. The United States (both the federal government and many of the states) uses a progressive tax rate system, in which the percentage of tax charged increases as the amount of the person's or entity's taxable income increases. A progressive tax rate results in a higher dollar amount collected from taxpayers with greater incomes.