What is the difference between a progressive tax and a regressive tax?

What is the difference between a progressive tax and a regressive tax Introduction: The Varied Landscape of Taxes Hello, everyone! Taxes are an integral part of any society, serving as a means to fund public services and infrastructure. However, not all taxes are created equal. Today, we're focusing on two distinct tax systems: progressive and regressive taxes. While both have their merits, they differ significantly in their approach and impact. Let's dive in! Progressive Tax: A Fairness-Based Approach A progressive tax system operates on the principle of 'ability to pay.' It means that as one's income increases, the tax rate also rises. In other words, the more you earn, the higher percentage of your income you contribute as tax. This approach aims to achieve income redistribution, with the wealthy shouldering a larger tax burden. The underlying philosophy is that those with more resources can afford to contribute more to the collective welfare. Regressive Tax: A Different Perspective In contrast, a regressive tax system follows a different trajectory. Here, the tax burden falls disproportionately on lower-income individuals.