Progressive Tax Current Affairs, GK & News
India ranked 147th at UK-based charity Oxfam International’s ‘Commitment to Reducing Inequality (CRI) Index
India has been ranked 147th among 157 countries at the UK-based charity Oxfam International’s ‘Commitment to Reducing Inequality (CRI) Index’ 2018. The 2nd edition of the annual index finds that countries such as South Korea, Namibia and Uruguay are taking strong steps to reduce inequality. However, countries such as India and Nigeria “do very badly” ..
A progressive tax is imposed to raise the tax rate effectively more than the rate at which it was applied. It is characterised by a more than proportional rise in the tax burden relative to the increase in income. Thus, progressive taxes are seen as fighting inequalities in income distribution. The taxes that are often ..