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Explain the Difference Between a Progressive Income Tax,a Proportional Income

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Essay

Explain the difference between a progressive income tax,a proportional income tax and a regressive income tax.Under which type of system is the federal income tax?


Definitions:

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a given period of time.

Total Revenue

The total income received by a firm from the sale of its products or services.

Price

Price is the amount of money expected, required, or given in payment for something, reflecting its value in terms of currency.

Coefficient

A numerical or constant quantity placed before and multiplying the variable in an algebraic expression, often representing a measure of some property.

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