Problem
Adam Smith stated that taxes should involve taxpayers in equality of sacrifice. Progressive taxes are related to the ability to pay, so that people on higher incomes pay a higher percentage rate of tax on each additional pound earned than do those on lower incomes. In what way does the law of diminishing marginal utility provide a justification for the use of progressive taxes?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.