Title: Progressive Tax System: Definition, Pros & Cons - Video & Lesson Transcript | Study.com
Headings: Progressive Tax System: Definition, Pros & Cons
Progressive Tax System: Definition, Pros & Cons
Lesson Transcript
What Is a Progressive Tax System?
Pros of the Progressive Tax System
Cons of the Progressive Tax System
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Progressive Tax System: Definition, Pros & Cons
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Content: Those individuals who earn more pay more into the federal government. This helps keeps the income gap from growing wider between the rich and the poor. Social Justice - Some argue that it is morally right that those who can afford to pay more in taxes should do so. Those that have very little income should be helped out by those who can afford to help. A progressive tax allows governments to collect money from those who can afford to pay, and uses it to help create a society that is more happy as a result. Those taxes are used to fund education, medical services, housing assistance, and other welfare programs for those people who really need help. Because so many people need help with these things, society is better off as a whole. More Government Revenue - A progressive system allows governments to collect more money from higher income earners. This results in more money collected than if everyone paid the same percentage. As a result, the government can provide more programs and services that benefit society.