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There are many reasons why taxation is practiced by the government in any country. One of the main reasons is to pay expenditures for the government. The expenditures includes, paying for the public expenditures that happen in the daily life like cleaning the environment and maintenance of the cities. All this is managed by the government and catered for by the revenues the citizens are taxed. The country may lack enough revenues and decide to borrow which is not a secure act. It is good for the country to maintain its economy by using more of the taxation money for such expenses in order to avoid dangers like inflation. By doing so, the public goods produced in the country and the merits can be well be provided from the taxation fee than borrowing the fee from outside country which may affect the country very heavily. The current UK budget can clearly show how the taxation is utilized by introducing austerity measures which raise the VAT and cut the costs of the public services. Recently, billions of cash was cut from the budget of the new coalition government of the UK. All the departments except the health and oversee aid cut their spending to over 25 percent where by it created a chance of making 750, 000 new jobs (Finney 2005). This looks because the government has created new job opportunities in the country. Another reason for taxation is for the government to correct the market failure. The government has the right to intervene into the individual markets in the country to govern them and correct them by lowering or raising their taxes. This is majorly to increase or decrease the demand of the goods and services. The demand of demerits goods such as cigarette can be reduced by increasing its taxes. This is for the better of the country by discouraging the citizens not to be taking the cigarettes and polluting the environment. On the other hand, products like books and educational goods can be exempted from raising the taxes and
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(“Taxation Coursework Example | Topics and Well Written Essays - 2500 words”, n.d.)
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(Taxation Coursework Example | Topics and Well Written Essays - 2500 Words)
“Taxation Coursework Example | Topics and Well Written Essays - 2500 Words”, n.d. https://studentshare.org/macro-microeconomics/1638124-taxation.
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