Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

progressive tax

Read a random definition: in spe

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

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
texaslawhopefully
22:30
@KnowledgeableRitzyWasp: That all sounds great. It sounds like it has fairly diverse cuisine for a smaller city
yeah there are so many good cuisines in ithaca
renard99
22:31
@lilypadfrog: that’s a pity I’da be liking them all
texaslawhopefully
22:31
Only food I’m going to miss for sure if I leave Texas is texmex
22:31
waspy hasnt had thai food in ithaca yet. ithaca thai is so good
^^^^ truuuuuu
22:32
there are two major thai places and they have very similar names bc a divorced husband and wife own them lol
22:32
personally i think taste of thai is better than taste of thai express but thats just me
i had pho tho and it was really good and huge portions
texaslawhopefully
22:32
Glad they have good Thai food, I love Thai food! Can’t wait to visit :)
22:33
when tex goes to ithaca i want to come
Dkk
22:34
Crying Tiger, best Thai dish.
damn im so hungry all i had today was a curry tonkatsu and buldak
and it was a lil baby noodle cup
vvv hungry
22:36
curry tonkatsu so yummeh
22:36
whats even open rn? pizza?
CTB is it i think
22:37
is collegetown pizza not open
22:37
i used to get a slice from there or wings over at like 1am after my shift at the restaurant
Dkk
22:48
Ross Ulbricht free. God Bless Trump. Huge win.
JeremyFragrance
22:54
agreed
texaslawhopefully
22:55
This is an interesting read: https://thedispatch.com/article/birthright-citizenship-trump-implications/
Dkk
23:01
I mean, idk how it's possible to end birth right citizenship without amending the constitution because to me the 14th amendment is pretty clear about it.
ross ulbricht tried to hire a hitman to kill 5 people
i am not that sympathetic to him
Dkk
23:04
@KnowledgeableRitzyWasp: That might have been an FBI agent. It was most likely him and he was most likely doing it to retrieve stolen funds that corrupt FBI agents stole, but yeah moral gray area but me personally, cool with hitmen. It's not like it is uncommon to hire hitmen. I don't think the action itself is necessarily wrong but the intent behind it can be.
Dkk
23:05
Like, Boeing whistblowers being killed by hitmen = wrong but a guy hiring hitmen to retrieve stolen funds = good to me.
texaslawhopefully
23:05
@Dkk: Yeah, for sure. My guess is it'll go to SCOTUS and it'll be 8-1 or 7-2, saying that EO was unconstitutional.
Dkk
23:06
Indeed. I need a count for how many exectuive orders he has signed and how many already have pending lawsuits.
LSD+ is ad-free, with DMs, discounts, case briefs & more.