Answer:
What are taxes?
Taxes are amount of money that a government forces individuals to pay according to their income, the value of their property, etc., and that is used to pay for the activities done by the government.
Do taxes affect the government economic policies today?
Taxes affect the government economic policies today. High marginal tax rates may deter people from working, saving, investing, and innovating, while particular tax preferences can have an impact on how economic resources are allocated in a country. Tax cuts, on the other hand, might have the unintended consequence of slowing long-term economic development through boosting deficits.
Should taxes be lowered overall?
As you would anticipate, decreasing taxes increases disposable income, which allows consumers to spend more money, hence boosting gross national product (GNP). As a result, lowering taxes causes the aggregate demand curve to shift outward, as consumers seek more products and services as a result of their increased disposable incomes.
Should some groups be paying more than they are now?
Personally, I believe that one group should not be overtaxed at the expense of another group. While the tax rate for the rich is much higher, they are able to deduct a large number of expenses. The working middle class bears the brunt of the burden of taxes, whilst the impoverished get the advantages of them. I feel that it would be considerably more equitable to impose a single flat rate tax on everyone and to prohibit the use of write-offs altogether.
Explanation:
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