19:12
My crypto also flows in 5 day epochs too.
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Simple English definitions for legal terms
regressive tax
Read a random definition: Financial institutions - State statutes
A quick definition of regressive tax:
A regressive tax is a type of tax that takes a larger percentage of income from people with lower incomes than from people with higher incomes. This means that people who earn less money have to pay a higher percentage of their income in taxes than people who earn more money. It is called "regressive" because it has a greater impact on those who can least afford it.
A more thorough explanation:
A regressive tax is a type of tax that takes a larger percentage of income from low-income earners than from high-income earners. This means that people who earn less money pay a higher percentage of their income in taxes than people who earn more money.
- Sales tax: A sales tax is a regressive tax because everyone pays the same percentage of tax on the goods they purchase, regardless of their income. This means that low-income earners pay a higher percentage of their income in sales tax than high-income earners.
- Property tax: Property tax is also considered a regressive tax because it is based on the value of a person's property, not their income. This means that people who own expensive homes pay more in property tax, but this tax takes up a smaller percentage of their income than it does for people who own less expensive homes.
These examples illustrate how a regressive tax can be unfair to low-income earners because they end up paying a larger percentage of their income in taxes than high-income earners. This can make it harder for them to make ends meet and can contribute to income inequality.