Answer the question in maximum 15 to 20 words. This question carries 03 marks. [MPPSC 2022]
What is progressive taxation?
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Progressive taxation is a tax system where the tax rate increases as the taxable income of an individual or entity rises. This means that higher earners pay a larger percentage of their income in taxes compared to lower earners. The primary objective of progressive taxation is to reduce income inequality and ensure that those with greater financial capacity contribute more to public revenue. This system aims to fund essential services like education, healthcare, and infrastructure, ultimately benefiting society as a whole. By redistributing wealth, progressive taxation seeks to create a fairer and more equitable economic landscape.