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LSDefine

Simple English definitions for legal terms

progressive tax

Read a random definition: ex capite lecti

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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HopefullyInLawSchool
16:06
it means you will not be rejected today and may be accepted or WL in the future
Just got my Michigan rejection
BookwormBroker
16:10
same
RoaldDahl
16:10
@HopefullyInLawSchool: what if i already got rejected. does it mean anything
HopefullyInLawSchool
16:12
@RoaldDahl: Likely not however it could mean nothing
RoaldDahl
16:15
So if it means nothing does that mean something?
HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
Right. Broken links smh
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