can please make an introduction of the aspects of taxation

Expert Solution

Taxation refers to the system in which a compulsory levy is imposed on individuals or entities by government.

Understanding the principles of taxation involves understanding two important approaches - the benefits approach and the ability to pay approach.

The benefit approach suggests that government should tax individuals in proportion to the benefit that they receive from government. This approach is suitable for taxes on highways or parks. Thus, who benefits from the parks or highways, pay taxes for the utilities provided by government.

The abiliity to pay approach tax people on the basis of their capacity to pay in proportion to their wealth or income. The higher the wealth the higher the proportion of tax. In this system, people would even pay for programs they they will never utilize or benefit from them. The main objective of this approach to redistribute the total resources within the system.

Rahul Sunny answered 1 year ago

in two paragraph can you please do an introduction on the aspect of taxation

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