Answered

If you get a raise at work, you will likely pay a higher tax percentage on the new money. This type of tax system is called:

A. capitalism
B. socialism
C. third-party driven
D. progressive taxation
E. tax incidence driven



Answer :

GinnyAnswer

Final answer:

A progressive tax system involves higher-income individuals paying a higher percentage of their income in taxes as their income increases.


Explanation:

A progressive tax system is a tax system where individuals pay a higher percentage of their income in taxes as their income increases. This means that the more one earns, the higher the tax rate they will be subject to. For example, in a progressive tax system, those earning higher incomes are taxed at higher rates than those with lower incomes, aiming to reduce the tax burden on lower-income individuals.


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