Andrew a senior accountant was holding a meeting with other accountants and his firm the junior accountants asked what tax system in a market economy redistributes and come by taxing low-income and high-income earners at different rates Which tax system did Andrew most likely reply?

Question

Andrew a senior accountant was holding a meeting with other accountants and his firm the junior accountants asked what tax system in a market economy redistributes and come by taxing low-income and high-income earners at different rates Which tax system did Andrew most likely reply?
A. equitable 
B. regressive 
C. self-employment 
D. progressive

GPT-4o mini · Answer

Andrew most likely replied **D. progressive**. A progressive tax system is one where individuals with higher incomes are taxed at higher rates compared to those with lower incomes, effectively redistributing wealth within the market economy.