Tax rates on higher income groups have been increased, resulting in __________.
reducing inequalities of income and wealth
- Increasing tax rates on higher-income groups aims to reduce income and wealth inequalities.
- Progressive taxation ensures that wealthier individuals contribute more to national revenue.
- These additional revenues can be used for welfare programs, public infrastructure, and poverty alleviation.
- High tax rates on the rich can discourage tax evasion and illicit financial activities.
- However, excessive taxation might discourage investment and economic growth.
Important Questions from Economy
The Five Year Plan was first launched in
Which of the following was/were the feature(s) of Lenin’s New Economic Policy (NEP) for the Soviet Union?
1) Private retail trading was strictly forbidden
2) Private enterprise was strictly forbidden
3) Peasants were not allowed to sell their surplus
4) To secure liquid capital, concessions were allowed to foreign capitalists, but the State retained the option of purchasing the product of such concerns
Select the correct answer using the code given below:
Which one of the following was set as a target of average growth of GDP of India over the plan period 2012-2017 by the Approach Paper to the Twelfth Five year Plan?
In ________ economies, all productive resources are owned and controlled by the government.
Private ownership of the means of production is a feature of a _______ economy.
