exam essay-taxation
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A income in 2005[ 200000] rate is 20 Tax payable is 40000 Income in 2006[ 400000] rate is 40 Tax payable is 160000 This imposes greater tax burden as income rises Income taxation , as a system that charges on incomes of individuals or organizations , has become a major tool employed by government to generate fund for execution of its policies
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Paper Topic: exam essay-taxation INCOME TAXATION Poll tax is a fixed tax system levied per person it is a fixed amount of money paid as tax by any individual irrespective of income
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With regard to the latter , it has been argued that it is not fair it increases tax burden and the sacrifices made by the payer that it discourages investments and increases work lethargy Income taxation has been improved upon over the decade with the outlook of reducing its burden on the payer
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It does not create fear of increased tax as income rises so , is fairer than the progressive tax Progressive tax is a system in which rate is directly proportional to the income
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Since this particular system is based on a fixed rate , it is simple to calculate , fair with respect to income
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If the fixed rate is 20 , A pays 40000 and B pays 100000
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This tends to maximize revenue and is quite fair , if only the fixed amount is reasonably concordant with earnings , within taxable capacity Proportional tax , otherwise called flat tax , is when tax is levied on any level of income as same rate
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As income rises , the rate also rises , and vice versa
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This has led to the progressive tax system , with its concomitant challenges : it burdens as income rises
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In this case , what is important is that same rate is used irrespective of income changes
