Nature of Power of Taxation Essay Example

if these three basic principles are present in our government.)

If one of them is losing the revenue enhancement system would be weak hence our economic system will fall in.

What are these Principles

1. Fiscal Adequacy. Is a rule that states the starting point of gross should be enough to meet the needs of public expenses = for example, the government needs a hundred million for public expenditure or to build schools. Our taxation system should be capable of providing the required amount of money from taxes.

Equality or theoretical justness refers to the concept that the tax burden should be proportional to an individual's ability to pay. This principle is commonly known as the Ability to pay rule, which proposes that a person's tax liability should be equitable in comparison to the average taxpayer.

For instance,

Taxpayer A, who is unmarried, will have a higher tax payment compared to Taxpayer B, who has three dependents. Administrative feasibility implies that tax regulations should be user-friendly and easily manageable.

Merely an efficient disposal. Thank you. I firmly believe that having a state of taxpayers who faithfully pay their taxes ensures a thriving economy for everyone to enjoy. Thank you. End of my report.