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

Spend the funds on something else and the earnings generally face income tax and a 10% federal penalty.

From The Wall Street Journal

Until now, Washington hasn’t had any state income tax.

From The Wall Street Journal

Once they hit 65 years old, they can withdraw their money 100% tax free for medical care; if they withdraw for any other reason, they pay standard income tax.

From MarketWatch

Since 2019, Welsh ministers have had the ability to raise or lower the three rates of income tax in Wales but have never done so.

From BBC

They say income tax revenue paid by Massachusetts’s highest earners has surged.

From The Wall Street Journal