Final answer:
A progressive tax system means that the more income a person makes, the more they will need to contribute to taxes, while the less a person makes, the less they will be taxed. In this type of tax system, the tax rate increases as income increases, with higher-income individuals being taxed at a higher percentage compared to those with lower incomes. The aim is to redistribute wealth and ensure those who can afford it contribute more to support government services and programs.
Step-by-step explanation:
A progressive tax system means that the more income a person makes, the more they will need to contribute to taxes. Likewise, the less a person makes, the less they will be taxed.
In a progressive tax system, the tax rate increases as income increases. This means that individuals with higher incomes are taxed at a higher percentage of their income compared to those with lower incomes. For example, incomes between $50,000 and $80,000 might be taxed at 20 percent, while incomes between $300,000 and $1,000,000 would be taxed at 35 percent.
This type of tax system aims to redistribute wealth by taxing the wealthy more and providing benefits to those with lower incomes. It helps ensure that those who can afford it contribute a larger share of their income to support government services and programs.