Why is the federal income tax a progressive tax?
@whpalmer4 @thomaster @iambatman @linda3 @DollyAcquah @Ashleyisakitty @kewlgeek555
Please help ?

Question

Why is the federal income tax a progressive tax?
@whpalmer4 @thomaster @iambatman @linda3 @DollyAcquah @Ashleyisakitty @kewlgeek555 
Please help ?

anonymous · Answer

So the rich have to pay higher, so the poor don't suffer I guess.

anonymous · Answer

Of coarse you can go indepth, but I'm too lazy ^.^

anonymous · Answer

A. higher income has more deductions
B. A higher income pays a lower rate 
C. Corporations can lower their taxable income
D. A higher income pays a higher percentage in texas

anonymous · Answer

did you post this in biology?

anonymous · Answer

^ lol

anonymous · Answer

So with what I said, i'd assume it's D :X

anonymous · Answer

Ohh i'm sorry I thought I was in economics. I was helping fama and i guess it took me out of  econ. Sorry guys

anonymous · Answer

that's alright ^.^

anonymous · Answer

Anyways, I'm burnt out, I think I answered over a 100 questions today.

anonymous · Answer

Ohh wow you really helpful @iambatman

anonymous · Answer

You're *

whpalmer4 · Answer

Yes, a progressive tax structure means that as your income increases, the marginal tax rate increases.

anonymous · Answer

The answer is D ? @whpalmer4

whpalmer4 · Answer

The Federal income tax has a series of brackets, in which you pay higher percentages of your income above a certain point.  Below a certain number, you pay 0%.  Then from a to b, you pay 15%.  From b to c, you pay 20%.  From c to d, you pay 28%, and so on.  I don't recall the numbers off-hand, and all you need to know is that the percentages get higher as you have more and more income.

anonymous · Answer

How is the federal income tax a progressive tax?

whpalmer4 · Answer

So yes, a higher income pays a higher percentage in taxes, even in Texas (amusing typo)

anonymous · Answer

Higher income pays higher in taxes

whpalmer4 · Answer

I'm ignoring deductions and so on — this is an "all else being equal" comparison.  In actuality, most people with really large incomes are earning them via capital gains, which is treated differently than ordinary income, and so the very rich pay a lower percentage than those who are merely very highly paid

anonymous · Answer

Yea it was supposed to say taxes

anonymous · Answer

Thanks @whpalmer4 again. You're too kind

whpalmer4 · Answer

You're welcome.

anonymous · Answer

*cough* :P

anonymous · Answer

thanks! @iambatman : )

anonymous · Answer

Haha your welcome :P