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Summary AQA A-level Economics: Fiscal Policy Taxation Notes
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Key Summary Notes for the AQA A-level Economics course on Fiscal Policy (Taxation), guaranteed to boost you to the top grades.
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Fiscal Policy TaxationWhy does Gov Tax?
- To raise money to pay for gov services
- Intervention to correct market failures
- Redistribution of Income and Wealth
Adam Smith's Canons Of Tax:
What should a tax do?
- Fairness
Benefit- pay principle - If you benefit from taxes (public services) then you
should contribute towards the tax.
Based on Ability to pay principle - Progressive tax - if you can pay more -
taxed more
- Certainty
Know what tax burden is - important for business - to calculate profit
- Convenience
Easy to pay
Low collection costs
- Efficiency
Hard to Avoid
Limited Unintended Consequences
The Tax Base:
1) What is Taxed
Income
Wealth
Spending
Pollution
Data/Financial Transactions
2) Who is Paying Tax? - Takes burden of Tax
Households
Businesses
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