Personal I-T revenue now equals all other direct taxes: That’s a problem

Personal I-T revenue now equals all other direct taxes: That’s a problem
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Until the 1950s taxes on output contributed more to government revenue than those on incomes of people and businesses. But since then the balance has gradually been reversed

Topics
Taxation | Direct taxes | farm incomes

Personal I-T revenue now equals all other direct taxes: That’s a problem

For most of history, governments all over the world have taxed their citizens in order to meet the expenditure on public goods. These are wars, defence, currency, police, justice and, of course, the salaries of tax collectors. Plus some other things.

Then came populist democracy and governments began to tax in order to finance the creation of quasi-public goods and outright private goods. This led them to tax both businesses and people. In fact, people forget that the income tax as a permanent tax is just about 150 years old. Thus began the competition between income tax — namely, the …




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First Published: Sun, January 31 2021. 09:32 IST





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