effective tax rate

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Effective Tax Rate

Definition: The effective tax rate refers to the percentage of an individual or corporation's income that is actually paid in taxes after taking into account deductions, credits, and other tax provisions.

Usage:

The effective tax rate for high-income earners is often lower than their marginal tax rate.
The effective tax rate can vary based on a taxpayer's financial situation.
Corporations use various strategies to lower their effective tax rates.

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