Definition, Meaning & Synonyms

tax-increase

noun

/tæks ɪnˈkriːs/

Definition

An increase in the amount of tax that individuals or businesses are required to pay to the government.

Examples

The government announced a tax-increase to fund public education programs.
After the tax-increase, many residents found it harder to manage their budgets.
Voters were concerned about the potential tax-increase proposed in the new budget.

Meaning

A tax-increase typically refers to a legislative decision that raises the tax rates for various income brackets or increases specific taxes, such as sales tax, property tax, or corporate tax.