What is one major similarity between property tax and sales tax?
O A. Both are types of regressive taxes.
O B. Both are types of tax assessment.
O C. Both are based on taxable income.
O D. Both are based on gross income.

Taxes on most consumer goods, sales, petrol, and social security are examples of regressive taxes. Pigovian tax and bad deed tax are special types of regressive tax.

Regressive tax is a tax whose average tax burden decreases with income. Low-income taxpayers pay an imbalanced portion of their tax burden, while middle- and high-income taxpayers bear a relatively small tax burden.

Regressive tax is a tax in which the tax rate decreases as the taxable amount increases. "Regression" refers to the distribution effect on income or expenditure, and refers to the trajectory of the tax rate from high to low, where the average tax rate exceeds the marginal tax.

Learn more about regressive taxes here: https://brainly.com/question/21404149

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What is one major similarity between property tax and sales tax? O A. Both are types of regressive taxes. O B. Both are types of tax assessment. O C. Both are based on taxable income. O D. Both are based on gross income.

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What are the three examples of regressive tax?

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What is one major similarity between property tax and sales tax?
O A. Both are types of regressive taxes.
O B. Both are types of tax assessment.
O C. Both are based on taxable income.
O D. Both are based on gross income.