Question
Which tax is considered a progressive tax?
Answers
GPT-4o mini
A progressive tax is one where the tax rate increases as the taxable amount increases. In other words, individuals with higher incomes pay a higher percentage of their income in taxes compared to those with lower incomes.
The most common example of a progressive tax is the federal income tax in the United States, where the tax brackets increase with higher income levels. Other examples include certain state income taxes and taxes on capital gains in some jurisdictions.
The most common example of a progressive tax is the federal income tax in the United States, where the tax brackets increase with higher income levels. Other examples include certain state income taxes and taxes on capital gains in some jurisdictions.