Taxation
Taxation is the process by which a government imposes financial charges on individuals and businesses to generate revenue. This revenue is used to fund public services and infrastructure, such as education, healthcare, defense, and transportation. Taxes can take various forms, including income tax, sales tax, property tax, and corporate tax, among others. The amount and type of tax collected depend on the jurisdiction’s laws and regulations. Taxation is considered a crucial tool for economic policy, influencing behavior and fostering equitable distribution of resources within society. It is often a subject of debate regarding its fairness, efficiency, and impact on economic growth.