Should Nigeria practice Income Redistribution?

Sat, 20 Feb 2021 10:34:25 +0000

The practice of income redistribution is very well known within the Europen union, this is a system where people with jobs are taxed to support others who are jobless and searching for jobs, this system is the foundation of a socialist system of government where everyone matters.
Income Redistribution is an economic practice which is aimed at leveling the distribution of wealth or income in a society through a direct or indirect transfer of income from the rich to the poor.

Economists or Governments adopt economic policies and strategies like progressive taxation to implement this phenomenon.

Considering the social vices and the cost of extreme poverty or the negative effects an extremely widened income gap can have on a nation, economists across the world try their best to close this gap or maintain a positive difference