Low taxes
Definition
Low taxes refer to reduced tax rates or smaller amounts taken from income, property, or goods by the government for public use.
Analogy
Low taxes are like a light backpack - they don't weigh you down as much and allow you to move more freely.
Related terms
Laissez-faire: An economic theory that advocates minimal interference by government in the economy; often associated with low taxes.
Supply-side Economics: Economic theory suggesting lower tax rates will stimulate economic growth as businesses and individuals can reinvest their income into the economy.
Tax Cuts and Jobs Act of 2017: A major tax reform passed during President Trump's administration that significantly lowered corporate and individual tax rates.
"Low taxes" appears in:
Resources
© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.