Taxation policy refers to the framework and guidelines set by a government regarding the collection of taxes from individuals and businesses. It encompasses decisions about what types of taxes are levied (such as income tax, sales tax, property tax), the rates at which they are charged, and the methods of taxation (direct or indirect). Taxation policy is crucial for generating revenue to fund government operations and public services.
Additionally, taxation policy addresses issues such as tax compliance, enforcement, and the redistribution of wealth, aiming to balance economic growth, equity, and the provision of public goods. Governments may adjust their taxation policies to respond to economic conditions, social needs, or political pressures, often sparking debate about fairness and the impact on different segments of society. Overall, taxation policy plays a vital role in shaping a country’s economic landscape and influencing behavior among taxpayers.
```html The global economy is under strain due to tariffs and bold policy changes, with the U.S. leading a shift away from multilateral agreements. High tariffs, such as 25% on…