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tax - Coggle Diagram
tax
direct tax
tax on income, wealth and profit
eg. income tax, inheritance tax, corporation tax
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indirect tax
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eg. VAT, excise duties on fuel, cigarettes, and alcohol
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progressive
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pros
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allows low-income groups, who are more likely to buy essential goods, to spend more
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regressive
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pros
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the higher the income, the more insignificant the tax becomes
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