Question

list all the pros and cons of why we pay taxes?

Answer 1

Pros: 1. Taxes forms the major source of income for a government to run
2. Acts as source of funds in order to initiate planning and execute public projects
3. To maintain social justice for the public by supporting the weaker section of the society through progressive taxes
4. Helps to control negative externalities so that the optimal level of output can be achieved

Cons:
1. Distracts working population as it might affect their earning
2. Improper planning would lead to miss utilization of taxes
3. Have the potential to reduce the economic growth and consumption