What is the difference between progressive and regressive taxation?
Progressive taxation means that the tax rate increases as income increases, while regressive taxation means that lower-income individuals pay a higher percentage of their income in taxes.
Can you give me examples of each type of taxation?
Sure! An example of progressive taxation is the U.S. federal income tax, where higher earners pay a higher rate. An example of regressive taxation is sales tax, which takes a larger percentage of income from low earners.
What are the advantages of progressive taxation?
Progressive taxation can reduce income inequality and provide more funding for public services that benefit society as a whole.
Are there any disadvantages to regressive taxation?
Yes, regressive taxation can disproportionately burden low-income individuals, making it harder for them to afford basic necessities.
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