What does progressive tax mean?

Definitions for progressive tax
pro·gres·sive tax

This dictionary definitions page includes all the possible meanings, example usage and translations of the word progressive tax.

Princeton's WordNet

  1. progressive tax, graduated taxnoun

    any tax in which the rate increases as the amount subject to taxation increases

ChatGPT

  1. progressive tax

    A progressive tax is a tax system in which the tax rate increases as the taxable amount or income of an individual or business increases. This means that those with a higher income pay a higher percentage of their earnings in tax than those with lower income. The goal of progressive taxation is to redistribute wealth in society and reduce economic inequality.

Wikidata

  1. Progressive tax

    A progressive tax is a tax in which the tax rate increases as the taxable base amount increases. "Progressive" describes a distribution effect on income or expenditure, referring to the way the rate progresses from low to high, where the average tax rate is less than the marginal tax rate. It can be applied to individual taxes or to a tax system as a whole; a year, multi-year, or lifetime. Progressive taxes attempt to reduce the tax incidence of people with a lower ability-to-pay, as they shift the incidence increasingly to those with a higher ability-to-pay. The opposite of a progressive tax is a regressive tax, where the relative tax rate or burden increases as an individual's ability to pay it decreases. The term is frequently applied in reference to personal income taxes, where people with more income pay a higher percentage of that income in tax than do those with less income. It can also apply to adjustment of the tax base by using tax exemptions, tax credits, or selective taxation that creates progressive distribution effects. For example, a sales tax on luxury goods or the exemption of basic necessities may be described as having progressive effects as it increases a tax burden on high end consumption or decreases a tax burden on low end consumption respectively.

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Numerology

  1. Chaldean Numerology

    The numerical value of progressive tax in Chaldean Numerology is: 1

  2. Pythagorean Numerology

    The numerical value of progressive tax in Pythagorean Numerology is: 9

Examples of progressive tax in a Sentence

  1. Vice President Joe Biden:

    We need -- not just in my country, but in other countries -- a more progressive tax code. Not confiscatory policy, not socialism, a tax code, everybody pays proportionally a fair share. This is not meant to penalize everybody.

  2. Treasurer Ford Scudder:

    The revenue declines have been largest in those states like ours with highly progressive tax systems, and smallest in states with flatter tax structures.

  3. Bernie Sanders:

    At a time of massive wealth and income inequality, we need a progressive tax system in this country which is based on ability to pay, it is not acceptable that a number of major profitable corporations have paid zero in federal income taxes in recent years, and that millionaire hedge fund managers often enjoy an effective tax rate which is lower than the truck drivers or nurses.

  4. Bernie Sanders:

    We need a progressive tax system in this country that is based on the ability to pay, if we are serious about reforming the tax code and rebuilding the middle class, we have got to demand that the wealthiest Americans and largest corporations pay their fair share in taxes.

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"progressive tax." Definitions.net. STANDS4 LLC, 2024. Web. 28 Feb. 2024. <https://www.definitions.net/definition/progressive+tax>.

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