a condition where there are a few people in the upper socioeconomic class, whereas the majority are in the middle and lower social, economic classes. Fiscal policies to encourage redistribution of income from the rich to the poor would be the most paramount decision to end such inequalities. This can be implemented through progressive income tax where the rich would be taxed more than the poor would, after which the money got form taxing the rich would be sed to provide basic amenities such as food, health, and education ( Corneo, 2002 ). This would, in the long run, enhance the socioeconomic wellness of the larger community. Taxing commodities that are commonly used by the rich would also be an effective way of enhancing the socioeconomic wellness of the larger society. Such items that may attract relatively higher consumer tax include beer, jewelry, and vehicles. This would be used to compensate for the lower taxes on basic items such as food and shelter. Most importantly, the government should consider setting a minimum wage across the industries. Having the legal minimum wage will prevent employers from misusing labor and avoid the issue of underemployment where people are working, yet they live below the federal
RESEARCH PAPER 3 poverty level. Employers found to be violated the set minimum wage policy would be subject to severe legal action.