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LSDefine

Simple English definitions for legal terms

progressive tax

Read a random definition: banc

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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1:15
Was she a natural ginger or a fake ginger? You can’t always tell
Dkk
1:15
@CynicalOops: I go white people cus I am white. Hispanics cus I am hispanic. Black women, Asian women. Sub races Idk.
Dkk
1:15
@cheriebomb: Fake. Her natural hair color was blond.
1:16
A fake ginger bitch will ruin your life <3
CynicalOops
1:16
I met a ginger and i thought she was a real one and then she was fake and it shattered my world
CynicalOops
1:16
Then she moved to london
Dkk
1:16
Uhhh she kinda just ruined hers by trying to cheat on me and then some guy raped her lol.
CynicalOops
1:16
Shattered x2
Dkk
1:17
@cheriebomb: maybe though. Maybe that is true but you shouldn't be saying that to people if you want them to date you.
1:17
Why are women always moving to London? There’s nothing good there
1:17
I’m just being transparent
1:17
The heart indicates that it’s a good thing
Dkk
1:18
Okay sounds good. Yeah my cousin moved to London. Nothing there for him after 6 years and he moved back to New York.
Dkk
1:19
Great to visit, not great to stay imo.
1:19
London sucks and cyncial’s fake ginger is probably regretting it right now
1:19
So dark and rainy and I hate the way they talk
1:19
And their sense of humor
CynicalOops
1:19
Shes was from london so im not sure
CynicalOops
1:21
Dkk i do appreciate your transparency i really understand you better
Dkk
1:21
Europe seems off to me in general. I met a lot of weird europeans in Crypto.
1:21
Oh maybe not then. But that’s your fault for dating a girl from London in the first place
Dkk
1:21
@CynicalOops: lol maybe maybe
1:23
I always understood Dk like we developed in the womb together so this is not new to me
Dkk
1:28
Mhhh maybe
Dkk
1:29
Do I understand you?
CynicalOops
1:46
Si señor yo entiendo
Dkk
2:07
Bueno lol
Dkk
2:07
Jajajaja
CynicalOops
2:08
Latina milfs are on high alert tonight
Dkk
2:51
As they should be. Nah I aint doing shit till January. Holidays I never go out drinking and eating. Gotta take advantage of the fact you can get 5.5 lbs of mussels for $20 at costco rn.
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