One of the reasons why governments collect taxes is to finance public expenditures (such as constructing roads or hospitals). The government makes use of the tax money to influence aggregate demand levels among other economic objectives. To reduce economic disparity and build a more just society, a government may also use taxes to redistribute income. People and companies pay taxes to the government to finance its activities and services. The financial fuel keeps public infrastructure operating, including highways, defense systems, hospitals, and schools. Taxation is the term used to describe the mandatory financial charge or other sort of levy that a governmental institution imposes upon a taxpayer (an individual or legal entity) to pay for certain public expenses. The way taxes are collected, how they affect the distribution of income, and the types of commodities and money they apply to are just a few of the variables that may be used to classify taxes. Here are a few of the most typical tax classification schemes:
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