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4. Tim moves to a different state and buys a house in his new city. His new house is bigger than the apartment he lived in before, so he also buys new furniture. His property taxes are higher for his new house, but sales tax he pays on his new furniture is lower. Which of these taxes is progressive, and which are regressive? What is the difference between a progressive and a regressive tax? (8 points)

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Answer:

Property tax is progressive

Sales Tax is regressive

A progressive tax is one that takes a higher proportion of revenue from high-income people than it does from low-income people. A regressive tax is one that takes a higher percentage of low-income people's income than it does from high-income people.

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