Progressivity in United States income tax
Okay kiddo, let me try to explain progressivity in United States income tax to you.
When you work and make money, the government takes a little bit of that money as income tax. That's like when you give some of your candy to your mom or dad for safekeeping.
But not everyone makes the same amount of money. Some people make a lot more than others. So, the government decided to make income tax "progressive". That means, the more money you make, the more income tax you need to pay.
Think of it this way: if your neighbor gets one candy and you get two candies, it's only fair that you give your mom or dad a little more candy to save. With income tax, it's the same idea. Those who make more money need to give a little more to help the government run things like schools, hospitals, and roads.
The United States has different tax brackets based on income. If you make a lot of money, you fall into a higher tax bracket, which means you pay a higher percentage of your income in taxes. If you make less money, you fall into a lower tax bracket, and pay a lower percentage of your income in taxes.
So, that's what progressivity in United States income tax means. It's all about making things more fair and making sure those who make more money help out a little more with taxes to keep the country running smoothly.
When you work and make money, the government takes a little bit of that money as income tax. That's like when you give some of your candy to your mom or dad for safekeeping.
But not everyone makes the same amount of money. Some people make a lot more than others. So, the government decided to make income tax "progressive". That means, the more money you make, the more income tax you need to pay.
Think of it this way: if your neighbor gets one candy and you get two candies, it's only fair that you give your mom or dad a little more candy to save. With income tax, it's the same idea. Those who make more money need to give a little more to help the government run things like schools, hospitals, and roads.
The United States has different tax brackets based on income. If you make a lot of money, you fall into a higher tax bracket, which means you pay a higher percentage of your income in taxes. If you make less money, you fall into a lower tax bracket, and pay a lower percentage of your income in taxes.
So, that's what progressivity in United States income tax means. It's all about making things more fair and making sure those who make more money help out a little more with taxes to keep the country running smoothly.