give a brief account on tax system easy
Answers
Answer:
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures.[2] A failure to pay, along with evasion of or resistance to taxation, is punishable by law. Taxes consist of direct or indirect taxes and may be paid in money or as its labour equivalent. The first known taxation took place in Ancient Egypt around 3000–2800 BC.
Explanation:
sum of money demanded by a government for its support or for specific facilities or services, levied upon incomes, property, sales, etc. a burdensome charge, obligation, duty, or demand.funding to deliver the services citizens need. Tax is a vital source of revenue for most governments enabling them to fund essential services and infrastructure for their citizens. Of course, revenues will not automatically be used for such social goods.Tax systems in the U.S. fall into three main categories: regressive, proportional, and progressive and two of the three impact high- and low-income earners differently. Regressive taxes have a greater impact on lower-income individuals than the wealthy.