standard rate of taxation
standard rate of taxationthe basic rate of INCOME TAX, for example, 25 pence per £1 of taxable income. In a PROGRESSIVE-TAXATION system the standard rate of taxation applies only to the initial taxable income band, those with taxable income in excess of the initial band paying a higher MARGINAL RATE OF TAXATION on this additional income.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005