The federal income tax is
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The federal income tax is
Group of answer choices
flat rate.
progressive.
integrative.
regressive.
Expert Solution
Different types of taxes
A progressive tax is the tax rate which increases as the income rises.
Integrative tax is the tax where multiple taxes are levied and collected by the government under one tax. All the taxes come under one umbrella
A regressive tax is the opposite of a progressive tax. A higher tax rate is paid as income decreases.
Flat tax as the name suggests are when the tax amount is same regardless of income.
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