Table 3-2
-Refer to Table 3-62. Which of the following is correct?
Definitions:
Proportional Tax
A tax system where the tax rate remains constant regardless of the amount subject to taxation, meaning all taxpayers pay the same percentage of their income.
Regressive Tax
A tax applied uniformly, taking a larger percentage of income from low-income earners compared to high-income earners.
Tax System
The set of laws and regulations that govern how taxes are collected from individuals, businesses, and other entities within a country or specific jurisdiction.
Progressive Tax
A tax system where the tax rate increases as the taxable income increases, typically designed to tax higher-income individuals more heavily.
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