Asked by Jessica Hartley on May 21, 2024
Verified
In a progressive tax system,taxes decrease as income increases.
Progressive Tax System
A tax that increases as income increases; the percentage or rate increases.
Income
The money received, especially on a regular basis, for work or through investments.
- Appreciate the gradual aspect of the U.S. tax structure and its effects on individuals with differing financial earnings.
Verified Answer
SC
Sampada ChourasiaMay 26, 2024
Final Answer :
False
Explanation :
In a progressive tax system, taxes increase as income increases. This means that people with higher incomes pay a larger percentage of their income in taxes than people with lower incomes.
Learning Objectives
- Appreciate the gradual aspect of the U.S. tax structure and its effects on individuals with differing financial earnings.