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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
What is degreesive tax?
› TAX a type of tax in which people with high incomes pay less tax as a percentage of their income than those people with low incomes:
What is the typical income of a gay person?
average incomes aren't different for gay people.
Can you make me a sentence using income?
In a third world country people have low incomes.
A type of taxation in which people and businesses with higher income pay higher taxes is know as what?
This type of taxation is known as progressive taxation. In a progressive tax system, the tax rate increases as the taxable income rises, meaning that individuals and businesses with higher incomes pay a larger percentage of their income in taxes compared to those with lower incomes. This approach aims to reduce income inequality and provide funding for public services and social programs.
What type of taxation in which people and businesses with higher income pay higher taxes is known as?
This type of taxation is known as progressive taxation. In a progressive tax system, tax rates increase as the taxable income increases, meaning that individuals and businesses with higher incomes pay a larger percentage of their income in taxes compared to those with lower incomes. This approach aims to reduce income inequality and provide more funding for public services.
Most economists believe that a sales tax increase affects which group the MOST?
Most economists believe that a sales tax increase affects low-income individuals the most. This is because low-income individuals tend to spend a larger percentage of their income on goods subject to sales tax, making the overall tax burden feel heavier for them compared to higher-income individuals.
Why do some people have trouble saving money even as their incomes continue to increase?
their wants grow with their income
What is the income of most of the people?
The income of most people varies widely depending on factors such as location, occupation, education, and economic conditions. In developed countries, median incomes typically range from $30,000 to $70,000 annually, while in developing nations, average incomes can be significantly lower. Additionally, income inequality can lead to substantial disparities within populations, making it difficult to generalize about the income of "most people."
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
Do retired people file taxes?
Yes, retired people still have incomes (usually) and therefore still file income tax returns.
Housing subsidized by the federal government for people earning small incomes?
Authorized the federal government to clear slums and to build 810,000 units of low-income housing, or housing subsidized by the federal government for people earning small incomes
