A wealthy business owner is more likely to pay a higher percentage of his or her income in taxes under progressive rate on income taxes.
what is progressive tax system?
Progressive tax system refers to a tax system that increases tax rate as the taxable income increases.
For example, a progressive tax system would increase the tax rate from 3% to 20% if the income bracket of the individual increases.
Therefore this type of tax system favors individuals in lower income bracket as they pay less with respect to percentage of their income when compared to wealthy individuals
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