81859
Description
Mind Map by Harley Wickstead, updated more than 1 year ago
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Created by Harley Wickstead
almost 11 years ago
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Importance
of Tax
- Canons
- Equity
- Fair Tax
- Horizontal everything is equal
- Vertical is difference is difference
- Horizontal everything is equal
- Fair Tax
- Effciency
- Admin
- Economic
- Admin
- Certainty
- Knowing of tax liability
- Knowing of tax liability
- Convience
- Easy and less cost
- Admin Costs
- Compliance Costs
- Admin Costs
- Easy and less cost
- Flexibility
- Easy to cope with change
- Easy to cope with change
- Equity
- Poll Tax
- First established in 1989 to replace property tax
- Failed in 2003 and replaced with council tax
- Failed in 2003 and replaced with council tax
- Why it failed?
- Increase in convience (admin costs)
- Massive drop in census and opinion polls
- Was not redeemed fair
- It was not very efficient as people did not pay their taxes
- Increase in convience (admin costs)
- First established in 1989 to replace property tax
- Is tax a necessary evil of modern society?
- Good Points
- Free Public Services (Law Enforcement and Defence)
- Taxes go into fund things which we need
- No international borrowing/debt
- Taxes, allocation of
economic resources,
distribution of income
and wealth, no tax
means no benefits
- Used to manage
economy, employment
levels, inflation,
relationship with
overseas trading and
prices
- Influence
taxpayers
behavior
(smoking) ,
climate levy
- Free Public Services (Law Enforcement and Defence)
- Bad points
- Prices increase (VAT)
- Government could lend money but there is a limit to how
much
- Prices increase (VAT)
- Government use
many ways to
raise revenue but
tax is the best way
- As you can see the good points heavily out way the bad points
- Good Points
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