Asked by
Jasmine Smith
on Nov 05, 2024
Verified
The ________ tax is an example of a progressive tax in the United States.
A) retail sales
B) individual income
C) property
D) gasoline
Progressive Tax
A tax system where the tax rate increases as the taxable amount or income goes up, making it proportionately higher for wealthier individuals or entities.
Individual Income
The total earnings received by an individual from all sources, including wages, investments, and other forms of compensation.
- Uncover and understand the distinctions between proportional, progressive, and regressive tax models.
- Acknowledge a variety of tax models (progressive, regressive, proportional) and comprehend their consequences on financial income.
Verified Answer
DC
Learning Objectives
- Uncover and understand the distinctions between proportional, progressive, and regressive tax models.
- Acknowledge a variety of tax models (progressive, regressive, proportional) and comprehend their consequences on financial income.