Maximization of public welfare is the ultimate desire and objective of every sovereign state these days. The realization of this objective remains handicapped without an economy or economic system that offers opportunities of prosperity to all the stake holders. Given such a system, the government uses budget as a tool to ensure the welfare of mankind. The government levies several taxes in the annual budget so that it may not only get the necessary funds to serve the masses but also boost economic activities in general and savings in particular.
How tax can be used as an effective tool to reduce the gap between the poor and the rich?
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