| 单词 | tax allowance |
| 释义 | tax allowance A deduction from gross income allowed under the tax laws to reduce the taxable income of an individual or firm. This may be on grounds of equities, because having to pay the deductable item, for example mortgage interest, lowers ability to pay relative to a taxpayer with the same gross income but no comparable liability. Tax allowances may be given to encourage certain forms of activity: for example, firms are given tax allowances to encourage investment, and both individuals and firms get tax allowances in respect of some charitable donations. Every tax concession reduces the tax base, which raises the tax rates needed to obtain any given total tax revenue. This in turn stimulates people with other claims on their income to seek further concessions. |
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