REPEALING THE TAXES ON INCOME OF INDIVIDUALS: IS IT PRACTICALLY FEASIBLE?
Keywords:
tax, fiscal policyAbstract
“Taxes are universal burden in moral as well as in civil life. There is no pleasure, social or otherwise, which is not assessed by fate at its full value” The above-mentioned quote by French dramatist portrays an insight of the burden of taxes over the citizens of any nation. To substantiate the crux, Henry Hezlitt, a renowned business & economic journalist of the Wall Street Journal has stated that the mounting burden of taxation not only undermines individual incentives to increased work and earnings, but in a score of ways discourages capital accumulation and distorts unbalances and shrinks production. Providing the economical out frame of implication of taxes Mr. Hezlitt could easily able to convey the implications ever increasing burden of taxes on macro level. The present system of direct and indirect taxes in India was firstly referred in Arthashashtra and Manusmriti. However, the implementation of the referred system dates back to year 1860 when Sir James Wilson introduced the first Income Tax Act while serving as India’s first finance member. The intent of the Britishers for passing the income tax law in the country became apparent in year 1880s when the Brits were in need to raise revenue to fight Anglo-Russian War. 1 Considering the historical evidences of imposing the taxation in Indian subcontinent, the present situation for imposing the taxes on individuals seems similar to that of an intention of Britishers.
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