MindTap for Garman/Forgue's Personal Finance Tax Update, 13th Edition [Instant Access], 2 terms
MindTap for Garman/Forgue's Personal Finance Tax Update, 13th Edition [Instant Access], 2 terms
13th Edition
ISBN: 9780357438909
Author: Garman; E. Thomas; Forgue; Raymond
Publisher: Cengage Learning US
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Chapter 4.1, Problem 1CC
Summary Introduction

To Explain: Difference between regressive taxes and progressive taxes.

Concept Introduction: Progressive taxes: Rate of tax increases as the income of the person increases. In this type of taxes, the marginal rate of taxes increases as the income increases.

Regressive taxes: The rate of tax decreases as the income of the person increases. In this type of taxes, the marginal rate o taxes decreases as the income increases.

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