Progressive taxes assess a large percentage of high-income households and organizations.
A progressive tax refers to a tax that imposes a lower tax rate on low-income earners in comparison to those who earn more, making it based on the taxpayer's ability to pay. In other words, it takes a larger percentage from high-income earners than it does from low-income individuals.
The term "progressive" refers to the way the tax rate progresses from low to high.
