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What type of tax takes a larger percentage of wealthier taxpayers' income and a smaller percentage of the income of those who earn less?
A progressive tax takes a larger percentage of income from wealthier taxpayers and a smaller percentage from those with lower incomes. This system is designed to reduce income inequality by imposing higher rates on higher income brackets, while lower earners benefit from lower rates. Income tax is a common example of a progressive tax structure.
Tax that takes a percentage of a person's earnings?
Income Tax
What percentange of your taxes do you lose if you claim a dependent?
Federal taxes are not based on a straight percentage but on a deduction and then a percentage. The percentage is according to income. If you live in a state that already takes out high taxes, then the federal government takes out taxes at an even higher rate.
What is a progressive tax system?
a tax system that takes a larger proportion of income from high income people than from low income people
Are most income taxes considered progressive or regressive?
It depends on how the tax is structured. For example many many consider sales or gasoline taxes as regressive, because for low income groups -- it takes a higher percentage of their income to pay it. In the USA our income tax system is progressive, if you make more -- you pay a higher higher tax rate. (%). Please note, this is a simple answer to a complex question.
What type of tax is one that takes a smaller percentage of income from high-income people than from low-income people?
A regressive tax is one that takes a smaller percentage of income from high-income people than from low-income people. In a regressive tax system, as income increases, the percentage of income paid in taxes decreases.
What type of tax is one that takes smaller percentage of income from high income people than low income people?
Regressive
What type of tax is one that takes a smaller percentage of income from high income people than from low income people?
Regressive.^_^=
What type of tax is one that takes a smaller percentage of income people than from low income people?
Regressive tax. E.g. value added tax
What type of tax takes a larger percentage of wealthier taxpayers' income and a smaller percentage of the income of those who earn less?
A progressive tax takes a larger percentage of income from wealthier taxpayers and a smaller percentage from those with lower incomes. This system is designed to reduce income inequality by imposing higher rates on higher income brackets, while lower earners benefit from lower rates. Income tax is a common example of a progressive tax structure.
What type of tax is one that takes a smaller percent age of income from high-income people than from low-income people?
Probably a regressive tax, but also unfair, immoral, and probably Republican written.
What created the income on tax?
Your question is backwards. There is no income on tax. However, there is a tax on income. This is known as income tax. Income tax is a system created by the government that takes a percentage of your income out of your check based on how much money you earn. Generally speaking, the higher your income, the higher the percentage of it the government takes.
Tax that takes a percentage of a person's earnings?
Income Tax
Is the best definition of a progressive tax system?
a tax system that takes a larger proportion of income from high-income people than from low-income people
What taxes takes the same percentage of income from everyone regardless of their earnings?
A flat tax.
Tax takes the same percentage of income from everyone regardless of their earnings?
Fair tax
Is food cheap in New York?
This depends where you are comparing it to and the percentage of your income it takes to buy an item.
