Final answer:
Personal income taxes and corporate income taxes are both considered progressive taxes, with personal taxes applied to individual earnings and corporate taxes levied on company profits.
Step-by-step explanation:
Personal income taxes and corporate income taxes are examples of progressive taxes. Personal income taxes are applied to individuals based on their earnings, with higher earners typically paying a higher percentage of their income in taxes. Corporate income taxes, on the other hand, are levied on the profits earned by corporations. These taxes are a significant source of revenue for the federal government and are based on a system of tax brackets, similar to personal income taxes. Over time, the share of federal tax revenue from corporate income taxes has shifted. In the 1960s, they accounted for about 4% of GDP while in recent decades they have represented roughly 1% to 2% of GDP.