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Questions
What is progressive tax?
Explain the term progressive tax.
Solution 1
Progressive tax is the tax in which the rate of taxation increases as the tax base increases. When income increases, the tax rate also increases. This is known as a progressive tax.
Solution 2
Progressive Tax refers to a kind of tax system in which rate of tax increases with the rise in tax payer's income. The term "Progressive' indicates to the way the tax rate progresses from low to high with the result that a person with low income pays less tax while a person with higher income pays higher tax.
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