Taxes {progressive tax}|, such as income taxes, can assess at higher rates for higher incomes or wealth. They take lower percentage of income or wealth from lower-income people.
Fixed percentage taxes {regressive tax}|, such as sales and property taxes, take more value from lower-income people than from higher-income people. These taxes reduce consumption more than savings.
6-Economics-Macroeconomics-Government Actions-Tax
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Date Modified: 2022.0225