meritocracy /; AmE / noun [C] (plural meritocracies)

an organization, an industry or a system where people get power or money on the basis of their ability:

The company is considered to be the ultimate meritocracy, supporting talented people from all walks of life.

meritocratic // adjective:

a meritocratic organization

• tax anticipation note
• tax assessment
• tax assessor
• taxation
• tax avoidance
• tax band
• tax base
• tax bite
• tax bracket
• tax break
• tax collector
• tax credit
• tax declaration
• tax-deductible
• tax deduction
• tax-deferred
• tax depreciation
• tax-efficient
• tax evasion
• tax exemption
• tax exile
• tax-favored
• tax form
• tax-free
• tax haven