Tax 3 essay

Every statute which takes away or impairs rights acquired under existing laws, or creates a new obligation or imposes a new duty, or attaches a new disability in respect of transactions already passed , must be presumed to be intended not Should The Uk Government Restore The 50 % Additional Rate Of Income Tax? Essay

The two most important tax policies are the level of taxation, or how much taxes should be, and the structure of the system, or how revenue is to be raised…show more content… The Federal Government relies predominately on the individual income tax, and federal income tax makes up more than 50 percent of the federal government’s revenue.

The taxes levied by the Central government are on income (other than tax on agriculture income which would be levied by the state government), customs duties, central excise and service tax. The State government levies Value Added Tax (VAT), sales tax in states where VAT is not applied, stamp duty, state excise, land revenue and tax on professions.

Give reasons for your answer and include any relevant examples from your own experience or knowledge. Write at least 250 words. People work hard and earn money which ideally they would like to retain for themselves. However, a significant portion of this usually has to be given to the state.