Venezuelan President Nicolas Maduro announced a series of major economic changes over the weekend in another desperate attempt to prop up the country's flailing economy. The key changes, which were to take effect Monday: Devalue Venezuela's currency, the bolívar, by a whopping 95%.
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Answer: The federal government and the majority of states have income taxes, but their rules and rates can vary widely. Federal taxes are progressive, with higher rates of tax on higher levels of income. Some states have a progressive tax system, while others impose a flat tax rate on all income.
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