Search Investopedia

Tax Fairness

Filed Under » ,
Dictionary Says

Definition of 'Tax Fairness'

A tax platform based on an ideal that aims to create a system of taxation that is fair, clear and equivalent for all taxpayers. Overall, tax fairness looks to limit the amount of tax legislation and rules that benefit one segment of the tax-paying population over another.
Investopedia Says

Investopedia explains 'Tax Fairness'

Many groups, politicians and individuals that push for tax fairness are looking to remove loopholes, incentives and cheating within the tax system. Tax fairness supporters believe these practices place an undue tax burden on certain segments of the tax-paying population, while making it easy for other segments to significantly lower their tax burdens.

Related Definitions

  •

    Form 6251: Alternative Minimum Tax - Individuals

    A tax form distributed by the Internal Revenue Service (IRS) and used to determine the amount of alternative minimum tax (AMT) that a tax payer may owe. Some taxpayers with higher ...
    Read More »

  • Flat Tax

    A system that applies the same tax rate to every taxpayer regardless of income bracket. A flat tax applies the same tax rate to all taxpayers, with no deductions or exemptions allowed. ...
    Read More »

  • Income Tax

    A tax that governments impose on financial income generated by all entities within their jurisdiction. By law, businesses and individuals must file an income tax return every year to ...
    Read More »

    • Income Shifting

      A strategy of moving a person's income from a high income bracket or tax rate to a lower one. The most common form of income shifting occurs when an individual shifts a portion of their ...
      Read More »

    • Tax Avoidance

      The use of legal methods to modify an individual's financial situation in order to lower the amount of income tax owed. This is generally accomplished by claiming the permissible ...
      Read More »

    • Tax Shelter

      A legal method of minimizing or decreasing an investor's taxable income and, therefore, his or her tax liability. Tax shelters can range from investments or investment accounts that ...
      Read More »

    • Internal Revenue Service - IRS

      A United States government agency that is responsible for the collection and enforcement of taxes. The IRS was established in 1862 by President Lincoln and operates under the authority ...
      Read More »

    • Alternative Minimum Tax - AMT

      A tax calculation that adds certain tax preference items back into adjusted gross income. Alternative minimum tax (AMT) uses a separate set of rules to calculate taxable income after ...
      Read More »

    • Tax Increase Prevention and Reconciliation Act of 2005 - TIPRA

      A tax-related act signed by President George W. Bush in May 2006 that contains revisions to pre-existing tax laws. Revisions include topics concerning investor-related tax breaks, ...
      Read More »

    • Provincial Parental Insurance Plan - PPIP

      A Canadian tax deduction relating to taxes that are paid or payable on regular or self-employed income. The Provincial Parental Insurance Plan (PPIP) gives maternity, paternity, parental ...
      Read More »

Articles Of Interest

Sponsored links
Hot Definitions
Partner Links
Suggested Definitions