1. Both corporate and individual income tax rates are set at ______ rates.

a. high
b. low
c. progressive
d. regressive

I think it's C?

Right.

thanks!

You are correct. The answer is c. progressive. This means that both corporate and individual income tax rates are set at progressively higher rates as the taxable income increases. In a progressive tax system, individuals or entities with higher incomes pay a higher percentage of their income in taxes compared to those with lower incomes. To determine this, one must review the tax laws and regulations that govern income tax rates for both corporations and individuals.