Based on the concept of the ability to pay, a progressive tax takes a greater proportion of income from high-income groups than from low-income ones.
For instance, a progressive tax system may impose a 10% tax on low-income taxpayers, a 15% tax on middle-income taxpayers, and a 30% tax on high-income taxpayers.
A tax system that raises rates as taxable income rises is known as a progressive tax.
Therefore, taxes on investment income, interest income, rental income, estates, and tax credits are a few examples of progressive taxes.
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