Society
Taxes benefit society by reducing income inequality and promoting welfare and development. Progressive taxation redistributes income from the rich to the poor, reducing poverty and improving education and employment opportunities. Taxes invested in projects improve infrastructure, increase employment, and boost aggregate demand and national income, leading to a higher standard of living.
Defense
Taxes contribute to the defense sector by funding the purchase of equipment and machinery to protect the nation. Higher tax revenue enables increased investment in defense, including better equipment and soldier training, ensuring national security.
Corporates and Startups
Taxes play a role in supporting the corporate sector and startups, which drive economic growth and employment. Governments can allocate tax revenue to subsidize and assist corporations and startups, promoting their development, creating employment opportunities, and raising the standard of living.
Social Services
Tax revenue is utilized to provide social services, helping economically and physically vulnerable sections of society. These services include education, healthcare, fire brigades, roads, bridges, public transportation, and housing. Higher tax collections enable governments to invest more in these services, contributing to the progress of the nation.