Progressive Tax

A progressive tax is a taxation system where the tax rate increases as an individual's income rises. This means that higher earners pay a larger percentage of their income in taxes compared to those with lower incomes. The goal of a progressive tax is to reduce income inequality by ensuring that wealthier individuals contribute a fairer share towards public services and social programs. This system contrasts with flat taxes, where everyone pays the same rate, regardless of income level. Progressive taxes aim to provide necessary funding for government initiatives while alleviating the financial burden on those less able to pay.