Property taxes are also fairly regressive. What are some regressive features of property taxes? Some progressive...
Property taxes are also fairly regressive. What are some regressive features of property taxes? Some progressive features?
Homework Answers
Regressive taxes are those that put a uniform tax on all people irrespective of their income levels.Thereby affecting people having lower income.
Property taxes are regressive in nature as two people residing in the same area pay same amount of taxes on the same market value of their property irrespective of their income levels.
However they are not completely regressive in nature. Some progressive features are that they pay property taxes on the value of their property. If a person is earning a lower income so he must have afforded a smaller property compared to a person yielding higher income.
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Property taxes are also fairly regressive. What are some
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Identify whether the scenarios below are examples of regressive or progressive taxes. A sales tax on food and clothing. An additional sales tax on cars bought for over $50,000. A flat rate income tax of 20%, with no additional tax being paid on earnings above $1,000,000. An income tax system using tax brackets, where the percentage tax rate increases with income. A fixed poll tax on citizens and residents.
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