Tax rates on higher income group have been increased. Which economic v

1.	Tax rates on higher income group have been increased. Which economic value does it reflect? Explain.
Answer» Government has progressive system of taxation in which tax rates increase as income increases. The economic value it reflects are: (i) Reducing inequality of income- reducing gap between rich & poor. (ii) To reduce concentration of economic power in few hands. (iii) Using this extra money from the rich & helping poor.

Tax rates on higher income group have been increased. Which economic value does it reflect? Explain.

Answer»

Government has progressive system of taxation in which tax rates increase as income increases.

The economic value it reflects are:

(i) Reducing inequality of income- reducing gap between rich & poor.

(ii) To reduce concentration of economic power in few hands.

(iii) Using this extra money from the rich & helping poor.

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Tax rates on higher income group have been increased. Which economic value does it reflect? Explain.

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