How does inflation affect starndard of? ​

Inflation affects your standard of living because it can reduce your spending power. ... Wage earners experience the same problem if wages stay flat or if inflation outpaces wage increases. You avoid the ravages of inflation if your income level rises at a pace that exceeds the rate of inflation

Explanation:

a progressive tax is a tax that imposes a lower tax rate on low-income earners compared to those with a higher income, making it based on the taxpayer's ability to pay. that means it takes a bigger percentage from high income earners than it does from low income people.