Which of the following statements about progressive taxation is / are correct?

A. Progressive taxation reduces income inequality by taxing high earners at a higher rate.
B. Progressive taxation provides a disincentive for earning higher income, potentially reducing economic activity.
C. Progressive taxation encourages savings and investment by taxing higher incomes less.
D. Reduces consumption by increasing taxes on luxury goods.
E. Eliminates the burden of tax from lower income earners completely.

Choose the most appropriate answer from the options given below: