A Progressive Income Tax Means That Those with a Higher

question 60

Multiple Choice

A progressive income tax means that those with a higher income pay

• A) a lower percentage of their income in taxes than low-income people.
• B) a higher percentage of their income in taxes than low-income people.
• C) the same percentage of their income in taxes as low-income people.
• D) all the taxes in the economy.

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Definitions:

Board of Directors

A group of individuals elected by shareholders to make major decisions and oversee the management of a corporation.

Shares of Stock

Units of ownership in a corporation that represent a claim on a portion of the corporation's assets and earnings.

Transferable

Capable of being passed from one entity to another, either through sale, gift, or by operation of law, thereby changing ownership or rights.

Supermajority Shareholder Voting

A voting requirement that exceeds the threshold of a simple majority, often used for significant decisions in a corporation.