Give economic term 1) Compulsory contribution from the person to the government without reference to
special benefits confirmed.
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The economic term is tax.
- A tax is a monetary payment that an individual must make to the government to cover costs incurred in the general interest of all people, regardless of the particular benefits received.
- A tax is a part of a person's weekly salary that is withheld and sent to the government. Taxing citizens self employed income at the end of the year is also an example of to tax.
- A failure to pay taxes, or an avoidance to taxation, is an offence and leads to punishment.
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