According to some commentators, income inequality is bad. Others, though, disagree. Clearly income inequality is a contentious issue. Should it matter that some are getting very, very rich, as long as your own income is rising as well, even if it falls further behind in relative terms?
Certainly, the gap between rich and poor — measured in terms of income inequality, is rarely out of the news. For example, the UK prime minister’s plan in 2019 to reduce taxes for higher earners was seen as controversial as it mainly helps only a small proportion of households who already earn well above average incomes.
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