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 budget difficulties have raised red flags since they are coming in a time of economic growth, and as the artificial-intelligence boom lifts compensation for California’s tech workers, boosting income taxes.

From The Wall Street Journal

Big changes are coming to federal income taxes, but that doesn’t necessarily mean each state will make the same changes to its own state income tax rules.

From MarketWatch

As it’s all classified as regular income, income taxes will be very high.

From MarketWatch

Yes, it’s frustrating that someone with millions of dollars writes to this column, seeking advice perhaps about how to make withdrawals while minimizing their income taxes.

From MarketWatch

“It could replace the income tax,” he told Fox Noticias in April.

From The Wall Street Journal