Abatement refers to the reduction, lessening, or termination of something. Specifically, in legal and tax contexts, it typically pertains to the suspension or reduction of lawsuits or taxes.
An economic policy of increasing government expenditures and/or reducing taxes in order to stimulate the economy to higher levels of output. Pump priming measures are temporary, aimed at fostering spontaneous and sustained economic growth.
An election available before April 1990, in which both parties to a marriage agreed to treat the wife's earnings separately from the husband's, usually as a means of reducing tax. Salaries and other income of spouses have been taxed separately since April 1990 in many jurisdictions, providing a fair and independent taxation system.
Supply-Side Economics is a theory of economics contending that drastic reductions in tax rates will stimulate productive investment by corporations and wealthy individuals, ultimately benefiting the entire society. This theory was championed in the late 1970s by Professor Arthur Laffer.
A tax advantage is a benefit that individuals and businesses experience when they are eligible for a reduction in a charge to taxation, which can arise through exemptions, deductions, credits, or deferrals.
Tax planning involves the strategic structuring of a taxpayer's financial activities and affairs in accordance with relevant tax legislation to minimize tax liability. It is a legal and ethical means of reducing the overall charge to tax.
A tax-effective procedure is one that aligns with tax legislation and leads to a reduction in the tax burden, offering financial benefits through strategic planning.
