In some countries people who have high incomes pay very high taxes. What are the advantages and disadvantages of this for individuals and for the country as a whole? Give reasons for your answer and include any relevant examples from your own knowledge or experience. Write at least 250 words.
In many nations across the globe, individuals who earn more must pay more in
Correct article usage
the form
form
of Correct article usage
the form
income
tax
. While there may be benefits of paying high-income
tax
for both individuals and a country
, there are some downsides to it as well.
To begin
with, people
who pay more tax
may be able to get a
higher Correct article usage
apply
tax
refunds
if they are able to show their expenses and their current financial situation at the end of a financial year. Correct the article-noun agreement
refund
For example
, many mining professionals who earn around six figures annually can claim a large amount in tax
return when they show their expenses and other offsets entitled to them by the government in Australia. As a result
, they can save their tax
return or perhaps invest it wisely to make more money. For a country
, more income
tax
means more revenue a country
can generate by taxing the rich and top earners, this
means that a country
has more money to spend for uplifting the standard of living of its citizens.
On the other hand
, some people
may have accumulated debt, and even if they are earning high amounts, they still may not be able to pay it in the planned time due to high-income
tax
. For example
, in the United States, more than 50% of people
aged above forty are still paying their loans for higher studies despite being amongst the highest earners in the country
as a part of their income
is taken by the government in the form of tax
. Moreover
, a country
that relies on income
tax
for its revenue may experience financial difficulties during times of economic uncertainty. During times of recession, many people
lose their jobs and some have their salaries reduced, thus
resulting in a decrease in revenue for a country
.
In conclusion, there is no doubt that there are advantages for any country
and its citizens,
if their high earners pay more Remove the comma
apply
tax
, however
, there is also
no denying that some people
and countries may feel the negatives of such
a policy.Submitted by talalkhaniqbal on
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