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LSDefine

Simple English definitions for legal terms

progressive tax

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A quick definition of progressive tax:

A progressive tax is a type of tax where people who earn more money pay a higher percentage of their income in taxes than people who earn less money. This means that the more money you make, the more you have to pay in taxes. The government uses the money collected from taxes to pay for things like schools, roads, and hospitals. Taxes can be paid in different ways, like with money or through other means like property or goods.

A more thorough explanation:

A progressive tax is a type of tax where the rate of tax increases as the income of the taxpayer increases. This means that people who earn more money pay a higher percentage of their income in taxes than people who earn less money.

For example, in a country with a progressive tax system, someone who earns $50,000 a year might pay 20% of their income in taxes, while someone who earns $100,000 a year might pay 30% of their income in taxes.

The purpose of a progressive tax system is to create a more equal distribution of wealth in society. By taxing the wealthy at a higher rate, the government can use the revenue to provide services and support for those who are less well-off.

Other types of taxes include:

  • Accrued tax: A tax that has been incurred but not yet paid or payable.
  • Admission tax: A tax imposed as part of the price of being admitted to a particular event.
  • Accumulated-earnings tax: A penalty tax imposed on a corporation that has retained its earnings in an effort to avoid the income-tax liability arising once the earnings are distributed to shareholders as dividends.
  • Additional tax: A temporary tax imposed to raise revenue quickly, often in response to an emergency or crisis.

These examples illustrate the broad range of taxes that governments can impose on individuals, entities, transactions, or property to yield public revenue.

progressive loss | prohibit

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babycat
17:20
i have no idea if it happens it happens. look at reddit or something
babycat
17:21
@1a2b3c4d26z: yay
Dkk
17:22
UCLA? I am gunna take a guess and say the wave will come out at 11:22:24 on 11/22/24.
no gtown ....?
17:24
@Dkk: the prophecy has been foretold
Dkk
17:24
Gtown will be at the same time tomorrow. They are all coordinating this.
babycat
17:25
Dk is my favorite adcom
thank you dk :)
1a2b3c4d26z
17:27
You can't just not care about the banter... that's the whole chat
Dkk
17:28
Welcome!
HopefullyInLawSchool
17:28
Anyone familiar with vintage cookware, inparticular Magnalite
Dkk
17:29
https://youtube.com/shorts/Qc3NAXxBqyM not at all lol @Hopefully
babycat
17:29
@1a2b3c4d26z: they hate us cuz they ain’t us
1a2b3c4d26z
17:30
Yea, if you want to actually talk about law school admissions go to off topic
1a2b3c4d26z
17:30
Obviously
17:31
duh
HopefullyInLawSchool
17:32
Should I go to Kansas law? they have good rankings, they pay for out of state bar prep, and their mascot is a hawk too
17:33
do they let you achieve your career goals?
17:33
on a timeline you fucks wit
babycat
17:33
I don’t get why people are always trying to talk about law schools on this website for people who like to make little jokes and be silly
sup baby @1a
1a2b3c4d26z
17:33
yoooo
what up pimp
any as?
1a2b3c4d26z
17:33
playin some clash royale at my desk
litty
how many trophies
1a2b3c4d26z
17:34
not yet :(
itll come in dues time
1a2b3c4d26z
17:34
Stuck at just over 7000
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