incomecap
nounUK /ˈɪnkʌm kæp/
US /ˈɪnkʌm kæp/
The most money a person is allowed to earn before some rule or help stops.
The benefit has an income cap, so families earning more than that amount cannot get it.
RELATED WORDS
OTHER MEANINGS
2. A maximum amount of money that can be taxed at a certain rate.
Above the income cap, earnings are taxed at a higher rate.
3. A top limit on how much a company or group may earn under a contract.
The grant set an income cap for the charity each year.
4. A rule that stops extra payments once total earnings reach a set level.
The pension has an income cap to keep costs under control.