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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.
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
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
What is the purpose of income tax brackets?
Income tax brackets are used to determine the amount of tax individuals owe based on their income level. The purpose of these brackets is to ensure that people with higher incomes pay a higher percentage of their income in taxes, while those with lower incomes pay a lower percentage. This helps to create a fair and progressive tax system.
What is the income range of the people who buy iPods?
People from almost all backgrounds, careers, lifestyles, and incomes may buy an iPod at one point or another. Income does not affect whether you get an iPod or not unless you have an extremely low income or none at all. This is not saying that people with good incomes have iPods, but that they are capable of obtaining one. The income range could be from a teenager making $1,000 USD per year to a Multi-millionare CEO of a worldwide company.
