progressive tax
Income-scaled taxation
A progressive tax takes a larger percentage from higher incomes than from lower ones.
Under such a system, someone earning $500,000 pays a higher rate than someone earning $50,000.
The U.S. federal income tax is progressive, with rates rising through a series of brackets.
Contrasts with a flat tax (same rate for all) and a regressive tax (which falls harder on lower incomes).
Marks setting off text
- graduatedCompleted formal studies
- thresholdsEntry boundaries or limits
- tiersHorizontal arranged levels
- escalatingIncreasing by degrees
sliding scale · incremental · percentage · income levels · cutoffs · phase-outs · taxable income · adjustments
Conclusions from reasoning
- exemptionsReleases from obligation
- creditsUnits toward graduation
- tax breaksReductions in owed levies
- allowancesPermitted amounts or stipends
write-offs · standard deduction · itemized · dependents · earned income credit · child credit · charitable · mortgage interest
State spending and taxation
- legislationOfficial enactment of statutes
- tax codeLaws governing taxation
- revenueBusiness income total
- governmentAuthority over a state
public services · social programs · federal · IRS · withholding · filing status · tax reform · taxpayer
Sharing out again differently
- wealth gapEconomic inequality measure
- proportionalityScaling relationship between quantities
- fair shareEquitable part owed
- social justiceFair distribution of opportunities
egalitarianism · wealth redistribution · economic equality · income inequality · social contract
brackets
Marks setting off text
- graduatedCompleted formal studies
- thresholdsEntry boundaries or limits
- tiersHorizontal arranged levels
escalating · sliding scale · incremental · percentage · income levels · cutoffs · phase-outs · taxable income · adjustments · surcharge
deductions
Conclusions from reasoning
- exemptionsReleases from obligation
- creditsUnits toward graduation
- tax breaksReductions in owed levies
allowances · write-offs · standard deduction · itemized · dependents · earned income credit · child credit · charitable · mortgage interest · tax shelter
fiscal policy
State spending and taxation
- legislationOfficial enactment of statutes
- tax codeLaws governing taxation
- revenueBusiness income total
government · public services · social programs · federal · IRS · withholding · filing status · tax reform · taxpayer · compliance
redistribution
Sharing out again differently
- wealth gapEconomic inequality measure
- proportionalityScaling relationship between quantities
- fair shareEquitable part owed
social justice · egalitarianism · wealth redistribution · economic equality · income inequality · social contract
- economic policymonetary policy, tax policy, fiscal discipline, fiscal stimulus, fiscal restraint
- inequalitywealth gap, income gap, disparity, wage gap, income disparity
- Federal TaxesIRS, tax return, tax refund, Form 1040, 1040
- taxationtax, income tax, sales tax, tax return, tax refund
- US Taxationincome tax, federal tax, tax rates, tax code, IRS
- Economic Fairnessequal pay, fair wages, fair pay, pay equity, wage gap
progressive taxregressive tax
Levy hitting poor hardest
flat tax · consumption tax · sales tax · excise tax · value-added tax
progression, progressive, progressively, progressivism, progressiveness