taxation

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Related to equality: Equality of opportunity

taxation

the government receipts from TAXES on personal and business income, expenditure and wealth. Taxes on income include personal INCOME TAX and CORPORATION TAX; taxes on expenditure include VALUE-ADDED TAX and EXCISE DUTIES. Taxes are used to finance government spending and as instruments of FISCAL POLICY in regulating the level of total spending in the economy. See INLAND REVENUE, BUDGET (GOVERNMENT).

taxation

government receipts from the imposition of TAXES on persons’ and businesses’ income, spending, wealth and capital gains, and on properties. Taxes are used by the government for a variety of purposes, including:
  1. to raise revenue for the government to cover its own expenditure on the provision of social goods such as schools, hospitals, roads, etc., and social security payments made to individuals in respect of unemployment, sickness, etc. (see BUDGET, GOVERNMENT EXPENDITURE);
  2. as an instrument of FISCAL POLICY in regulating the level of total spending (AGGREGATE DEMAND) in the economy (see DEMAND MANAGEMENT);
  3. to alter the distribution of income and wealth (see PRINCIPLES OF TAXATION, REDISTRIBUTION OF INCOME);
  4. to control the volume of imports into the country (see BALANCE OF PAYMENTS EQUILIBRIUM).

Taxation takes two main forms:

  1. taxes on income received by individuals and businesses (referred to as DIRECT TAXESINCOME TAX, NATIONAL INSURANCE CONTRIBUTION, WEALTH TAX, CAPITAL GAINS TAX and CORPORATION TAX);
  2. taxes on expenditure by individuals and businesses (referred to as INDIRECT TAXES - SALES TAX, VALUE-ADDED TAX, EXCISE DUTY and TARIFF). In national income analysis, taxation is a WITHDRAWAL from the CIRCULAR FLOW OF NATIONAL INCOME. See PUBLIC FINANCE, INLAND REVENUE.
References in classic literature ?
"And 'Will to Equality'--that itself shall henceforth be the name of virtue; and against all that hath power will we raise an outcry!"
Ye preachers of equality, the tyrant-frenzy of impotence crieth thus in you for "equality": your most secret tyrant-longings disguise themselves thus in virtue-words!
There are those who preach my doctrine of life, and are at the same time preachers of equality, and tarantulas.
What is important are the rights of man, emancipation from prejudices, and equality of citizenship, and all these ideas Napoleon has retained in full force."
"Liberty and equality," said the vicomte contemptuously, as if at last deciding seriously to prove to this youth how foolish his words were, "high-sounding words which have long been discredited.
You still believe in equality, and yet you do the work of the corporations, and the corporations, from day to day, are busily engaged in burying equality.
Surely a moment's reflection, and a single instance from common life, must convince every one that our whole social system is based upon Regularity, or Equality of Angles.
So far the equality ought to be no less acceptable to the large than to the small States; since they are not less solicitous to guard, by every possible expedient, against an improper consolidation of the States into one simple republic.
"Because most probably then the rotary motion of the moon upon her axis was not equal to her revolution, an equality which presents each part of her disc during fifteen days to the action of the solar rays."
"Because that equality has only been determined by terrestrial attraction.
"He!" cried the marquise: "Napoleon the type of equality! For mercy's sake, then, what would you call Robespierre?
The only difference consists in the opposite character of the equality advocated by these two men; one is the equality that elevates, the other is the equality that degrades; one brings a king within reach of the guillotine, the other elevates the people to a level with the throne.