Question

Why is paying the same percentage of income as taxes bad? What are the Cons?

Why is paying the same percentage of income as taxes bad? What are the Cons?

Homework Answers

Answer #1

As in any economy, the people living there are from the various income categories.

some are very rich Sone is average income earner and some are poor also. So implementing the same tax rate to all income earners is not good.

suppose in any economy, the category of people who are earning a very less amount is going to pay a heavy amount only on taxes then survival for him becomes difficult as compared to rich persons

Therefore many countries adopted a progressive income tax rate system in which taxes are implemented according to the increase in the income.

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