taxation

  

Definition

A means by which governments finance their expenditure by imposing charges on citizens and corporate entities.

Governments use taxation to encourage or discourage certain economic decisions. For example, reduction in taxable personal (or household) income by the amount paid as interest on home mortgage loans results in greater construction activity, and generates more jobs. See also taxation principles.

Use taxation in a sentence

  • Government taxation can collect money from people in order to improve things like public works, infrastructure and education.

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