Tools: Learn New Words | Secure Password Generator | Startup Tools | PDF Generator

Progressive Tax (Noun)

Meaning

Any tax in which the rate increases as the amount subject to taxation increases.

Classification

Nouns denoting possession and transfer of possession.

Examples

  • The government implemented a progressive tax system to reduce income inequality and redistribute wealth among its citizens.
  • A progressive tax rate is often used to describe a tax system where higher income earners are taxed at a higher rate than lower income earners.
  • The country's progressive tax code allowed for a lower tax rate on the first $20,000 of income and a higher rate on income above $100,000.
  • Critics argued that the progressive tax system was unfair to high-income earners, who they claimed were being taxed excessively.
  • The economist proposed a progressive tax on wealth, rather than just income, to address the growing wealth gap in the country.

Synonyms

  • Graduated Tax

Hypernyms

  • Revenue Enhancement
  • Taxation
  Copyright © 2024 Socielo Tech. All Rights Reserved. | Privacy Policy | Terms of use