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progressive taxes operate on the assumption that those with _____ can afford to contribute a higher percentage of their income in taxes.

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Lanuel

Progressive taxes operate on the assumption that those with higher income can afford to contribute a higher percentage of their income in taxes.

Taxation can be defined as the involuntary or compulsory fees that are usually levied on individuals or business entities by the government, so as to generate revenues used in funding public institutions and activities.

Generally, there are three (3) types of taxation used by the government and these are;

1. Regressive taxation

2. Proportional taxation.

3. Progressive taxation.

A progressive taxes involves charging or levying individuals that are having higher incomes a higher percentage of their total income in taxes.

  • For example, Citizen John pays 30% on $60,000 and Citizen Ann pays 14% on $26.000.

Read more: https://brainly.com/question/16477816

anthougo

The principle of progressive taxes is based on the assumption that those with higher incomes can afford to contribute a higher percentage of their incomes in taxes.

The principles for a progressive tax system are:

  • tax paid is based on the taxpayer's ability
  • a lower tax rate is imposed on low-income earners
  • it is not regressive and does not use a flat rate
  • creates tax brackets, grouping taxpayers by income ranges.

Thus, the progressive tax system operates with the assumption that the higher the income, the higher the tax paid.

Learn more: https://brainly.com/question/23494200

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