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Progressive Taxes - How Does It Work?

 
Here's how it works:

Suppose you earn $1,000 a year delivering newspapers. Under a Progressive Tax, you might pay only 1% of that income in taxes. That's not a lot -- just $10 -- because you don't earn that much to start with.

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But what about your best friend who landed a cool job at a bike shop and now makes $8,000 a year? Under the Progressive Tax system, he might have to pay 10% of his income in taxes. That's $800, nearly as much money as you made all last year!
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And then there's your neighbor. She works 12-hour days for a big television station. It's a high-pressure job with loads of responsibility and stress, but she's well rewarded: her salary is a whopping $80,000. Under a Progressive Tax system, she might pay 30% of her income in taxes -- that's $24,000, just in taxes!

Progressive Taxes takes a larger percentage of income from high-income groups than from low-income groups.



 


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Note: For more information and resources on this subject, go to the U.S. Tax Center.
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