As the name suggests, we are here to discuss how taxation rates and needs in the economy homework help budding economists. British economist John M Keynes has designed and developed the intricacies of taxation regime broadly termed as fiscal policy. On a lighter note, John Keynes is famous for the one line phrase â€œIn the long run we are all dead.â€ Since we all do survive in the short run, he designed an effective fiscal policy that states how a government of a state can influence the macroeconomic productivity level by changing the tax regime and public spending.
Future aspiring economists, students of social science need to put sincere effort in studying the taxation process of respective state, to begin with. A detailed study involves rigorous assignments and time-consuming projects. Student life has more facets to it other than mugging up lessons and accomplishing projects within deadlines.
This is the age to break free from the comfort zone and try out something new you are passionate about.People find their calling, usually at this age when they make up their mind about their future career prospect and sets on the journey of their life.
We have decided to cater to students who decide to invest their time studying economic policies and their impact on society as a whole. Taxation rates and needs in economy homework help students gather a robust knowledge on macroeconomic policies. Macroeconomics is a division of economics that deals with fiscal and monitory policies. The Monitory policy is a conglomeration of theory by which central bank influences nationâ€™s money supply that has a direct effect on inflation and public spending.
Taxation levied by the state government on sale and purchase of any goods and service is a source of public funding. Itâ€™s an involuntary financial charge classified into direct and indirect tax regime.Taxes are collected by the government in the form of cash or check from individuals and institutions.
Purpose of taxation rates and needs in economy homework help
Major functions of fiscal policy that collects and utilizes tax fund are classified as the following:
Before we start discussing more the fiscal policies, let us focus on the various types of tax collected. Taxation rates and needs in economy homework help provide a clear, logical understanding of the types, methods, and scope of collection of taxes for social benefit.
Taxation rates and needs in economy homework help students acquire domain knowledge on how a fiscal policy acts as a balancing mechanism is an economy. It taxes the rich and distributes the benefits among the poor to generate equality in the system.
Change in tax rate has direct effect on public spending which calculates the GDP of a country. Inflation, growth in infrastructure and employment is dependent on the tax structure of an economy.
The obstacles faced by the government in implementing the tax regime are too many to count. There has always been a tussle among the noted economists of the century to decide between the degree of government control over the economy. However, all of them have agreed that certain degree of government control is beneficial for the overall health of the economy.