Mr. X and Mrs. Y pay $500.00 and $1,400.00 as taxes on th...
Mr. X and Mrs. Y pay $500.00 and $1,400.00 as taxes on their earning of S5,000.00 and $7,000.00 respectively. The system of taxation employed is
Specific tax
Proportional tax
Regressive tax
Progressive tax
Correct answer is D
A progressive tax is a type of tax in which the tax rate increases as the taxable amount increases. This type of taxes imposes a greater percentage of taxation on higher income levels.
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