What are the principles of progressive taxation? 🔊
The principles of progressive taxation are based on the idea that tax rates should increase as an individual's income increases. This system is designed to ensure that wealthier individuals contribute a larger percentage of their income towards funding public services and infrastructure. Progressive taxation aims to reduce income inequality by redistributing wealth from higher-income earners to support lower-income individuals and communities. This approach is often justified on moral and economic grounds, as it helps secure essential services such as education, healthcare, and social safety nets for those in need.
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