A tax in which the rate of tax increases with increases in the tax base. The most common of these is income tax but progressive rates are also applied to National Insurance contributions, inheritance tax, and to a limited extent corporation tax. Such taxes are generally linked to the ability-to-pay principle.

Compare:

proportional tax.

• intermediate-term
• intermediation
• internal audit
• internal capital generation rate
• internal control
• internal growth
• internal rate of return
• Internal Revenue Code
• Internal Revenue Service
• International Accounting Standards Board
• International Bank for Reconstruction and Development
• International Banking Credit Agency
• international banking facility
• international bond
• International Centre for the Settlement of Investment Disputes
• International Chamber of Commerce
• International Commodities Clearing House
• international commodity agreements
• International Depository Receipt
• International Development Association
• International Finance Corporation
• international Fisher effect
• International Fund for Agricultural Development
• international futures
• International Monetary Fund