WAEC - Economics (2020 - No. 40)
Mr. X and Mrs. Y pay $500.00 and $1,400.00 as taxes on their earning of S5,000.00 and $7,000.00 respectively. The system of taxation employed is
specific tax
proportional tax
regressive tax
progressive tax
Selitys
A progressive tax is a type of tax in which the tax rate increases as the taxable amount increases. This type of taxes imposes a greater percentage of taxation on higher income levels