No? Progressive is “the more you have, the more you’re taxed.” A regressive one is one that the doesn’t increase as you gain more wealth. At the highest ends of wealth, sales tax may break down, because you literally can’t spend all that wealth.
A sales tax at targeting the wealthy, but not ultra-wealthy. It just isn’t a single solution to everything, and nothing is. I think a sales tax is a great option, if it’s instituted with a decrease in income tax on poor people (or in general, because income tax doesn’t tax investments making more money, so it doesn’t effect the wealthy much).
We can both agree, I assume, that an income tax is progressive, right? It still becomes regressive with the ultra-wealthy though, since their increase in wealth is largely not from income. That doesn’t change the fact it’s a progressive tax though.
A regressive tax is like a lump sum tax. It’s a higher percentage for poor people. A sales tax increases as spending increases, aka progresses.
You just described what regressive means. Sales tax is absolutely a regressive tax, since it impacts poor people more than rich people.
No? Progressive is “the more you have, the more you’re taxed.” A regressive one is one that the doesn’t increase as you gain more wealth. At the highest ends of wealth, sales tax may break down, because you literally can’t spend all that wealth.
A sales tax at targeting the wealthy, but not ultra-wealthy. It just isn’t a single solution to everything, and nothing is. I think a sales tax is a great option, if it’s instituted with a decrease in income tax on poor people (or in general, because income tax doesn’t tax investments making more money, so it doesn’t effect the wealthy much).
We can both agree, I assume, that an income tax is progressive, right? It still becomes regressive with the ultra-wealthy though, since their increase in wealth is largely not from income. That doesn’t change the fact it’s a progressive tax though.
A regressive tax is like a lump sum tax. It’s a higher percentage for poor people. A sales tax increases as spending increases, aka progresses.