A regressive tax is typically imposed on a . the SEC Choice 1: 303030-year fixed rate mortgage at 3.5%3.5 \%3.5% with closing costs of $1000\$ 1000$1000 and no points How should Michael proceed with making this purchase? \text { Income tax expense } & 128,500 \\ a. High-income earners always place their assets overseas to lower their tax rates. Prepare a retained earnings statement for the year ended December 31, 2012. \text { Sales commissions } & 182,000 \\ See answers. \text { Paid-in capital from sale of treasury stock } & 18,200 \\ b. Lea Uradu, J.D. If the Texas legislature creates a separate fund within the General Revenue Fund exclusively intended for ADA compliance measures, what type of fund have they created? Limited access to education means that people are not trained to work in industry or technology. owned by shareholders who purchased stock. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. c. Prepare a balance sheet in report form as of December 31, 2012. "T22-0128 - Tax Units with Zero or Negative Federal Individual Income Tax Under Current Law, 2011-2032. Monetary Policy: The Federal Reserve Quiz, Don Herrmann, J. David Spiceland, Wayne Thomas, Alexander Holmes, Barbara Illowsky, Susan Dean. Laws passed by Congress In lower-income families, a larger proportion of their income paysfor shelter, food, and transportation. \quad \$ 35 \text { per share) } & 136,500 \\ you recently paid $50 to renew your driver's license. Cigarettetaxesare the most regressive excise tax. Low-income individuals pay a higher amount of taxes compared to high-income earners under a regressive tax system. Reducing taxes In regressive taxes the government collects a higher level of taxes from the low-income earners and a comparatively lower level of taxes from the high-income earners. a. U.S. Alcohol Consumption on Low End of Recent Readings. Melissa Horton is a financial literacy professional. The government needs to raise taxes or cut spending. A. a. \text { Office supplies expense } & 10,000 \\ a price floor. There were too few capable workers to fill positions. Proponents of proportional taxes believe they stimulate the economy by encouraging people to work more because there is no tax penalty for earning more. "State Individual Income Tax Rates and Brackets for 2022. The tax amount would be $4.35 per pack which would be paid by both rich and poor uniformly irrespective of their level of income and hence the tax is regressive. The City of Danmark is preparing financial statements. In the United States, this includes income taxes, ACA taxes, estate taxes, and earned income tax credits. A regressive tax system is more common in less developed countries, where there may be a greater number of people in the same income bracket, thus reducing the negative impact of the regressive tax. Which is true? This is because they are taxed the same when consuming as higher earners$100 when shopping is worth more to a lower-tiered earner than it is to a higher-tiered earner, so taxes take more from them. 2. &\begin{array}{lr} Form used to report various types of income other than wages, salaries, and tips? d. Both are types of indirect taxes. b. citizens contribute to meeting society's needs. No, the federal income tax in the United States is progressive. While it may be fair in some instances to tax everyone at the same rate, it is seen as unjust in other cases. To cover expenses when the state faces an economic crisis. Reducing deficit Social Security tax obligations are capped at a certain level of income called a wage base$147,000 for the 2022 tax year, rising to $160,200 in 2023. regressive tax, tax that imposes a smaller burden (relative to resources) on those who are wealthier. What is a regressive tax system quizlet? a. The gas tax is also a Pigouvian tax (a tax on activities or items that can cause negative effects on others), with its own set of pros and cons. Of that, they spent $36,645 on housing, $12,245 on food, and $16,796 on transportation. Determine the intensity x that gives the maximum Flat Tax is a system where tax is calculated over a fixed % of income. That said, there is a limited tax credit available which is subject to income limits. There was little government regulation of workplaces. Both are considered flat taxes. A student who is interested in becoming an air traffic controller will make a. Most of the indirect taxes fall in the purview of . c. To end reliance on foreign goods The most important regressive tax is the value added tax (VAT), in which a certain percentage of the price paid for a product is charged on top as a tax. They only spent $610 on retirement savings and personal insurance. Michael works for the Texas Department of Aging and Disability Services and needs to purchase new computers for the office. Regressive taxes place more burden on low-income earners. "2023 Social Security Changes. \text { Bonds payable, 6\%, due 2022 } & 400,000 \\ Higher-income employees effectively pay a lower proportion of their overall pay into the Social Security system than lower-income employees because it's a flat rate for everyone and because of this cap. Factory equipment was dangerous to operate. Taxes may be variously described as progressive, proportional, or regressive, depending on how the percentage of income paid in tax changes as income rises.A. Retainedearningsandbalancesheetdata:AccountspayableAccountsreceivableAccumulateddepreciationofficebuildingsandequipmentAccumulateddepreciation-storebuildingsandequipmentAllowancefordoubtfulaccountsAvailable-for-saleinvestments(atcost)Bondspayable,6%,due2022CashCommonstock,$25par(400,000sharesauthorized;86,570sharesissued,82,670outstanding)Dividends:CashdividendsforcommonstockCashdividendsforpreferredstockStockdividendsforcommonstockGoodwillIncometaxpayableInterestreceivableInvestmentinLifecareCo.stock(equitymethod)InvestmentinNordicWearInc.bonds(longterm)Merchandiseinventory(December31,2012),atlowerofcost(FIFO)ormarketOfficebuildingsandequipmentPaid-incapitalfromsaleoftreasurystockPaid-incapitalinexcessofpar-commonstockPaid-incapitalinexcessofpar-preferredstockPreferred5%stock,$100par(30,000sharesauthorized;17,000sharesissued)PremiumonbondspayablePrepaidexpensesRetainedearnings,January1,2012StorebuildingsandequipmentTreasurystock(3,900sharesofcommonstockatcostof$35pershare)Unrealizedgain(loss)onavailable-for-saleinvestmentsValuationallowanceforavailable-for-saleinvestments$195,000543,0001,580,0004,126,0008,150110,250400,000240,0002,164,250155,12085,00062,800510,00040,000930689,10062,000$780,0004,320,00018,200842,000150,0001,700,00019,00026,5008,708,15012,560,000136,500(17,750)(17,750), Divide the numbers and then round to the nearest hundredth. taking tax payments out of an employee's pay before he or she receives it. As a result, lower-income people pay effectively the same rate as higher-income earners instead of lower ones. paid for. Selected transactions completed by Everyday Products Inc. during the fiscal year ending December 31, 2012, were as follows: j. \hline \text { Accounts payable } & \$ 195,000 \\ It is a form of escape from taxation wherein the tax is transformed into gain through the medium of production. Which of the following statements best describes regressive taxes? Most of the highest-earning fifth paid from 8% to 8.9%, and the highest-earning 1% paid only 7.4% of their income. The government of Country C has passed a law protecting the physical safety of factory workers. Most of this differential is due to the state tax, with 0.83% of the 4.755% total difference due to the federal tax and the interest surcharge, and 3.925% due to the state tax structure. appropriately financed. Why was the 60x30TX initiative put in place? Read our, Where You'll Pay the Most in State and Local Taxes. Auser feeis a government charge to use public facilities or services. Excise taxes are fixed and they're included in the price of the product or service. Although the United States has a progressive taxation system when it comes to income tax, meaning higher income earners pay a higher percentage of taxes each year compared to those with a lower income, we do pay certain levies that are considered to beregressive taxes. \text { Life (Years) } 2.Regressive tax is a system w . For example, the bottom 20 percent pay on average 17% of their incomes in state and local taxes. Sales taxes are considered regressive taxes because the same rate of tax is charged to all consumers, no matter what their income level. It assists in anticipating profits. In this case, although the tax is the same rate in both cases, the person with the lower income pays a higher percentage of income, making the tax regressive. The offers that appear in this table are from partnerships from which Investopedia receives compensation. c. proportional tax. Investopedia requires writers to use primary sources to support their work. A tax that charges high-income earners a lower percentage than low-income earners. Proportional vs. Progressive Taxes: What's the Difference? Look at the chart comparing the price of graphic T-shirts to the quantity supplied. The Internal Revenue Service (IRS) considers these taxes to be regressive, because, once again, they are more burdensome to low-income earners rather than their high-income counterparts. User feesare regressive because they take a larger percentage of low incomes. What were the amounts of accumulated amortization reported by Coca-Cola and PepsiCo at the end of 2016 and 2017? Cigarettes are levied by federal, state, and local governments on each pack. The U.S. has a progressive tax system. a. proportional b. regressive c. inexpensive d. progressive e. unearned Just as Social Security can be considered a regressive tax, it's also a proportional tax because everyone pays the same rate, at least up to the wage base. What are common examples of program revenues? Sin tax critics argue that these disproportionately affect those who are less well off. In computing earnings per share, assume that the average number of common shares outstanding was 84,000 and preferred dividends were $85,000. \text { Miscellaneous selling expense } & 13,750 \\ A regressive tax is what you call when the tax rate decreases as the amount that is to be taxed upon increases. ignored. The bulldozer is expected to operate for 1,500 hours per year for five years. It increases for high-income taxpayers in a progressive system. The $50 payment is considered a tax? The government needs to raise taxes or cut spending. Second, lower-income earners are more likely to smoke. TheUnited States imposes tariffson food, manufactured goods, chemicals, and clothing. Although the fee is the same amount, it constitutes a more significant burden on the family with the lower income, again making it a regressive tax. Which tax is used to provide funds for payment of unemployment insurance benefits in the event employees lose their jobs? ", Internal Revenue Service. High-income earners use tax laws to their advantage to reduce their tax rates. Conwy's desperate financial situation has been likened to 'a hurricane' following the council's decision to raise council tax by 9.9%. The lowest-earning group paid the highest percentage of income in sales tax, while the highest-earning group paid at higher rates in income tax. Technically, it's not a regressive tax because the rate is the same, but it does impose a greater burden on lower-income familiesthey end up reducing their spending on the basics to pay it. Incomestatementdata:AdvertisingexpenseCostofmerchandisesoldDeliveryexpenseDepreciationexpense-officebuildingsandequipmentDepreciationexpense-storebuildingsandequipmentDividendrevenueGainonsaleofinvestmentIncomefromLifecareCo.investmentIncometaxexpenseInterestexpenseInterestrevenueMiscellaneousadministrativeexpenseMiscellaneoussellingexpenseOfficerentexpenseOfficesalariesexpenseOfficesuppliesexpenseSalesSalescommissionsSalessalariesexpenseStoresuppliesexpense$125,0003,650,00029,00026,00095,0003,5752,22565,600128,50019,0001,8007,50013,75050,000165,00010,0005,145,000182,000365,00022,000, Retainedearningsandbalancesheetdata:Accountspayable$195,000Accountsreceivable543,000Accumulateddepreciationofficebuildingsandequipment1,580,000Accumulateddepreciation-storebuildingsandequipment4,126,000Allowancefordoubtfulaccounts8,150Available-for-saleinvestments(atcost)110,250Bondspayable,6%,due2022400,000Cash240,000Commonstock,$25par(400,000sharesauthorized;86,570sharesissued,82,670outstanding)2,164,250Dividends:Cashdividendsforcommonstock155,120Cashdividendsforpreferredstock85,000Stockdividendsforcommonstock62,800Goodwill510,000Incometaxpayable40,000Interestreceivable930InvestmentinLifecareCo.stock(equitymethod)689,100InvestmentinNordicWearInc.bonds(longterm)62,000Merchandiseinventory(December31,2012),atlowerofcost(FIFO)ormarket$780,000Officebuildingsandequipment4,320,000Paid-incapitalfromsaleoftreasurystock18,200Paid-incapitalinexcessofpar-commonstock842,000Paid-incapitalinexcessofpar-preferredstock150,000Preferred5%stock,$100par(30,000sharesauthorized;17,000sharesissued)1,700,000Premiumonbondspayable19,000Prepaidexpenses26,500Retainedearnings,January1,20128,708,150Storebuildingsandequipment12,560,000Treasurystock(3,900sharesofcommonstockatcostof$35pershare)136,500Unrealizedgain(loss)onavailable-for-saleinvestments(17,750)Valuationallowanceforavailable-for-saleinvestments(17,750)\begin{aligned} It is popular in the European Unionand other countries, but the U. S. may not be able to make it work because it would take the place of state sales taxeswhich are not simple to replace with a one-size-fits-all tax. given up. They take a higher percentage of income on the poor than on high-income earners. Expert Answer. \end{aligned} less money than an athletic trainer and will have a harder time finding a job. Finally, proportional taxes result in everyone paying the same portion of their income in a tax. Taxes on most consumer goods, sales, gas, and Social Security payroll are examples of regressive taxes. The highest tax rate of 37% applies to incomes over $578,125 for single taxpayers and $693,750 for joint married filers. Regressive taxes place more burden on low-income earners. 5.5.2Test (CST): The Government Gets Involved, Depreciationexpense-officebuildingsandequipment, Depreciationexpense-storebuildingsandequipment. TheBureau of Labor Statistics annual Consumer Expenditure Survey found thatthe lowest-earning fifth of the population spent an average of $28,724 in 2020. Many states also levy them on certain services. Which detail is most likely to give consumers a false sense of security about using Edgozene? A progressive tax has more of a financial impact on higher-income individuals than on low-income earners, with tax rate, and tax liability, increasing, in line with a taxpayer's income. rise until the demand falls. What is a serious challenge facing Texans for the near future. A question has arisen as to whether a particular revenue should be identified on government-wide statements as a program revenue or a general revenue. The term regressive tax means taxes that take a larger proportion of the income from lower earners than from higher earners. This type of tax has no correlation with an individual's earnings or income level. The thresholds are different for married couples filing jointly. Get the detailed answer: Which best describes a regressive tax?A. In a regressive tax system, as your income rises, the proportion of that income that you pay in tax declines. Higher-income families, on the other hand, have no problem affording the basics. Thegasoline taxis a mildly regressive excise tax. How are progressive taxes and regressive taxes similar? a tax that charges low-income earners a lower percentage than high-income earnersB. Your net income is. These include sales, property, and income tax. Ineffective Economic Policies A trade surplus is when a country exports more than it imports, while a trade deficit happens when imports exceed exports. \quad\text { of cost (FIFO) or market } & \$780,000 \\ "How Much Tax Do We Pay on a Gallon of Gasoline and on a Gallon of Diesel Fuel? It is initiated at the national level, and passed on to consumers by businesses. b. Who is responsible if your tax preparer makes a mistake on your tax return? b. What Is Income Tax and How Are Different Types Calculated? two bottles for $29.95 A regressive tax system levies the same percentage on products or goods purchased regardless of the buyer's income and is thought to be disproportionately difficult on low earners. This is an example of The largest source of tax revenue for the federal government is. As vehicles become more energy efficient and less dependent on fossil fuels, fewer and fewer motor vehicle fuel purchases will be taxed. Many also consider Social Security to be a regressive tax. \text { Depreciation } \\ The amount of the standard deduction changes from year to year to keep pace with inflation. Some of the paid express lanes in Texas have allowed speed limits as much as 10 mph higher than general-purpose lanes, and Hall, with Texans for Toll-free Highways, said the fee can rise to $3 a . Inflation can result from falling demand and boosts the value of money. A proportional or flat tax system assesses the same tax rate on everyone regardless of income or wealth. c. Both are determined based on income. Regressive taxessales taxes, property taxes, and sin taxesand proportional taxes have a greater impact on low earners because they spend more of their income on taxation than other taxpayers. Taxes can decrease their ability to invest instocks, add to retirement savings, or purchase luxury items. The financial statements of Coca-Cola and PepsiCo are presented in Appendices C and D, respectively. A proportional tax applies the same tax rate to all individuals regardless of income. It is the opposite of progressive tax, which takes a higher percentage of rich people's income compared to . Read the sample advertisement. C. US tax obligations have taken a regressive turn (i.e., the burden has increased on the bottom while decreasing for the top) since 1980. fall until the supply rises. \hline \text { A } & ? Tax that takes a larger percentage of a lower-income and a smaller percentage of a higher income is. Inflation can result from rising demand and reduces the value of money. What percentage of total assets is each of these reported amounts at year-end 2017? Withholding. \text { Interest revenue } & 1,800 \\ A regressive tax is a taxapplied uniformly, takinga larger percentage of income from low-income earners than from middle- and high-income earners. When a court evaluates a local ordinance and a potentially preemptive state statute, the canon would tilt the scale in favor of local control. "Are Federal Taxes Progressive? Regressive taxes may be more politically popular because they are seen as "fair." Regressive taxes may be less likely to cause economic distortions than progressive taxes. The structural component of the budget outcome is affected by:A.Non-discretionary fiscal policy changes.B.Discretionary fiscal policy changes.C.The operation of automatic . To cover the price of the tax, retailers must raise the prices they charge, effectively passing the tax on to consumers. The Best Economic Policies Once a worker earns more than that amount, they don't have to pay any more Social Security tax for the year. \text { Investment in Lifecare Co. stock (equity method) } & 689,100 \\ \text { Paid-in capital in excess of par-common stock } & 842,000 \\ a. progressive tax. When supply is higher than demand, prices will Check all that apply. The first individual earns $2,000 per week, making the sales tax rate on her purchase 0.35% of income. the FDA a tax. to control the value of currency No, government services could encourage growth but other practices could be more effective based on the economic situation. b. indirect tax. They may affect their standard of living but won't deprive them of living essentials. a tax levied on a natural resource when it is removed from the earth. are debt certificates that are purchased by an investor. A tax credit directly lowers your tax bill, while a tax deduction lowers your taxable income, so the value depends on what tax bracket you fall into. It is in opposition to a progressive tax, which takes a larger percentage from high-income earners. This taxpayer would owe a total of$6,308the 10% rate on the first $11,000 is $1,100, 12% on the $33,725 to $44,725 is $4,047, plus 22% of all earnings between $44,725 up to $50,000, which is $1,161. They promote decreased demand When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. \text { Office salaries expense } & 165,000 \\ These are added to the prices of goods like alcohol and tobacco in order to dissuade people from using them. The preferred stock was issued in January 2020, and no dividends were declared in 2020 or 2021. d. the value of the property. A. And of course, this poor state financing penalty is highly regressive, with small firms paying \text { Premium on bonds payable } & 19,000 \\ To explore this concept, consider the following regressive tax . They also charge fees for services such as building permits, vehicle registration, inspection fees, and zoning hearings. d. The government almost always spends more than it collects. Which best describes a regressive tax? Study the following production possibility curve. Regressive and progressive taxes impact high- and low-income earners differently, whereas proportional taxes do not. Kalahira. \text { B } & \$ 40,000 & ? \text { (Year 2) } Which best describes a regressive tax? Officials are currently working on the statement of activities within the government-wide financial statements. c. Regressive b. Regressive taxes place a higher burden on wealthy taxpayers compared to people who earn less. \text { Prepaid expenses } & 26,500 \\ Provide some examples of each in Canada. Orjan F. Ellingvag/Dagens Naringsliv/Corbis via Getty Images. High-income earners use tax laws to their advantage to reduce their tax rates. A regressive tax affects people with low incomes more severely than people with high incomes because it is applied uniformly to all situations, regardless of the taxpayer. Labor unions were certain to advocate for the best interests of workers because. The tax rate decreases as income increases. b. the amount of money invested in the property. The following chart illustrates the typical spending statistics by quintiles (fifths) of the population. The U.S. has a progressive tax system. Some examples of a regressive tax include sales tax, gas tax, and payroll tax. It proposes a substantive canon of construction imperium urbis 15 15. What is the most important source of tax revenue in Texas at the state level? Parul works for a state agency that conducts random checks of financial records and transactions after expenditures and reviews accounts of disbursing officers of all state funds to assure legal compliance. The following examples of regressive, proportional, and progressive taxes show how they work in practice: If shoppers pay a 6% sales tax on their groceries whether they earn $30,000 or $130,000 annually, those with lesser incomes end up paying a greater portion of total income than those who earn more. Property taxes are fundamentally regressive because, if two individuals in the same tax jurisdiction live in properties with the same values, they pay the same amount of property tax, regardless of their incomes. . The rate of assessment in Foster, Rhode Island, is 50%, and the tax rate is $11.29 per$1,000 of assessed value. A 2021 Gallup Poll found that 44% of those earning less than $40,000 reported they drink, while 62% of those with incomes from $40,000 up to $100,000, and 81% of those with incomes of $100,000 or more, drink. To protect domestic businesses Proportional tax, also referred to as a flat tax, affects low-, middle-, and high-income earners relatively . \end{array} to fund government programs. Texans have indicated their preference for regressive taxes. A tax that charges high-income earners a lower percentage than low-income earners. \text { Miscellaneous administrative expense } & 7,500 \\ This compensation may impact how and where listings appear. 12. High government expenditures can lead to a bigger. What information is contained in a payoff table? \text { Unrealized gain (loss) on available-for-sale investments } & (17,750) \\ The bulldozer operator costs $28 per hour in wages and benefits. A trade surplus is when a country imports more than it exports, while a trade deficit happens when exports exceed imports. The Texas Constitution was amended in 2019 to prohibit which tax? Briggs Excavation Company is planning an investment of $132,000 for a bulldozer. To fund government programs. A progressive tax rate imposes higher payments as income increases. The bonds payable has a carrying value of $1,950,000 and conversion equity of$20,000. In the U.S. and certain other developed nations, a progressive tax is applied to income, but other taxes are levied uniformly, such as sales tax and user fees. a ban on child factory workers. A(n) ____________ policy is employed when the government chooses to run a larger deficit. They also believe that businesses are likely to spend and invest more under a flat tax system, putting more dollars into the economy. (Round earnings per share to the nearest cent.) User fees levied by the government are another form of regressive tax. The Constitution The SEC generally oversees banking practices. When Katrine purchased cigarettes, a newspaper, and candy at the convenience store, she was charged an extra tax on the cigarettes. The National Park Service charges admission to its facilities. One key characteristic of a tax is that it is a required payment to a governmental agency. Regressive tax indirect tax direct tax proportional tax. The evidence suggests that energy taxes need not be as regressive as is often assumed. When Texas legislators are reluctant to raise taxes, how do they finance government services for the general public? Advantages. Regressive tax progressive tax direct tax proportional tax Weegy. A trade surplus is when a country produces more than it consumes, while a trade deficit happens when consumption exceeds production. ", Internal Revenue Service. That's because the government assesses tax as a percentage of the value of the asset that a taxpayer purchases or owns. A flat tax system applies the same tax rate to every taxpayer regardless of their income bracket. Expand Definition. Rather, each person pays a set percentage on all income, making it a regressive tax. Also show the deadweight loss relative to the efficient outcome. What best describes the regressive tax? To reduce pollution, the _____ legislates and enforces regulations that protect the air, water, and land. \text { Retained earnings, January 1, 2012 } & 8,708,150 \\ So the taxpayer has a marginal tax rate of 24 percent. proportional taxA tax that takes the same percentage of income from all income . Centers for Disease Control and Prevention. . Where does the state's largest portion of nontax revenue come from? Department of Agriculture . &\textbf { Retained earnings and balance sheet data: }\\ a tax that charges an equal percentage to all. The number of data points that illustrate the proper allocation of resources is . fiscal policy. The board of directors of MLS declared cash dividends of $50 million in 2021 after paying$20 million cash dividends in both 2020 and 2019. B. Which is not used by the IRS to collect taxes? There is no inheritance provision. They are regressive because they raise the price of goods and services. d. direct tax. A tax rate is the percentage at which an individual or corporation is taxed. What is the amount of dividends common shareholders will receive in 2021? With a regressive tax, the tax burden decreases as income rises. \end{array} & \begin{array}{c} After all of the transactions for the year ended December 31, 2012, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data below and on the following page were taken from the records of Everyday Products Inc. Among the changes that labor reformers wanted after the Industrial Revolution was ", Social Security Administration. Which of these best describes the tax rates shown in the graph. How Much Tax Do We Pay on a Gallon of Gasoline and on a Gallon of Diesel Fuel? Sh are your journ ey. school property taxes. A _________ is a set amount of pay received by a worker over the course of a year. a. So, among these option C) The more you make the higher amount you pay is the correct choice as it is calculated as a fixed % of income. The Affordable Care Act instituted a 0.9% Medicare tax on high-income earners: those who make more than $200,000, for individual filers, or $250,000, for married couples filing jointly. What best describes a regressive tax? and more. State Income Tax vs. Federal Income Tax: What's the Difference? Form used to file Individual Income Tax Return. \text { Allowance for doubtful accounts } & 8,150 \\ \end{array} A progressive tax imposes successively higher rates on taxpayers who have higher incomes. What is the real estate tax on a piece of property that has a market value of $236,000.00? Find a copy (either in hard copy or online) of GASBs Codification of Governmental Accounting and Reporting Standards. This is apolitically acceptable wayto raise revenue without increasing tax rates. Regressive taxes are those that are paid regardless of income, such as sales taxes, sin taxes, and property taxes. \text { C } & 65,000 & 5,000 & ? It's regressive because lower earners are still paying the same percentage as higher earners.
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