Lower taxes refer to a reduction in the amount individuals and businesses are required to pay in taxes to the government. This often involves lowering tax rates or providing deductions and exemptions.
Related terms
Tax Deductions: Expenses that can be subtracted from an individual's taxable income, reducing the amount of tax owed.
Tax Credit: A dollar-for-dollar reduction in the amount of tax owed by an individual or business.
Progressive Tax System: A tax system where higher-income earners pay a higher percentage of their income in taxes compared to lower-income earners.