income tax

American  

noun

1. a tax levied on incomes, especially an annual government tax on personal incomes.

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income tax British  

noun

1. a personal tax, usually progressive, levied on annual income subject to certain deductions

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Etymology

Origin of income tax

First recorded in 1790–1800

Example Sentences

The term itself “is a beautiful word,” he is fond of saying, and he often cites the example of President William McKinley, who levied tariffs to generate revenue before the nation had an income tax.

From Salon

Life-insurance death benefits are generally free of income tax for the beneficiary.

From MarketWatch

“The significant share of personal income taxes — by far the state’s largest General Fund revenue source — paid by a small percentage of taxpayers increases the difficulty of forecasting personal income tax revenue.”

From Los Angeles Times

The same investor in Florida, one of the few states with no income tax, would have boosted their return by just 0.81 points.

From The Wall Street Journal

A district nurse who found out by accident that she was paying too much income tax is warning everyone to "check your tax code on your payslips".

From BBC