taxes

What is a tax bracket?

 

What is a tax bracket?

The Bankrate.com financial term of the day is: "tax bracket."

With America's progressive tax system, parts of your income are subjected to higher taxes as your earnings climb above certain thresholds. The tax brackets are the different tax rates that come into play at various levels of income.

A tax bracket determines the amount of tax you pay as you climb the income ladder.

For help making sense of your taxes, visit the Taxes section at Bankrate.com.

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