Question

Which policy approach aims to reduce income inequality by taxing the wealthy at higher rates and providing social safety nets

For the less affluent?
O Progressive taxation
O Laissez-faire capitalism
O Austerity measures
O Supply-side economics

Answer 1

Progressive taxation is a policy approach that aims to reduce income inequality by taxing the wealthy at higher rates and providing social safety nets for the less affluent.

Step-by-step explanation:

The policy approach that aims to reduce income inequality by taxing the wealthy at higher rates and providing social safety nets for the less affluent is called Progressive taxation. This approach suggests that individuals with higher incomes should pay a larger percentage of their income in taxes, while individuals with lower incomes should pay a smaller percentage. This helps redistribute wealth and provides resources for social programs that benefit those in need.

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