"Tax policy refers to the guidelines and principles established by a government for the imposition and collection of taxes."
Tax policy explores the different policies that governments use to collect revenue and redistribute wealth. Students will learn about different tax strategies and the pros and cons of each approach.
"It encompasses both microeconomic and macroeconomic aspects."
"The former focusing on issues of fairness and efficiency in tax collection."
"The latter focusing on the overall quantity of taxes to be collected and its impact on economic activity."
"The tax framework of a country is considered a crucial instrument for influencing the country's economy."
"These policies have significant implications for specific groups within an economy, such as households, firms, and banks."
"These policies are often intended to promote economic growth."
"However, there is significant debate among economists about the most effective ways to achieve this."
"Political leaders often use tax policy to advance their agendas through various tax reforms."
"Changes to tax rates, definitions of taxable income, and the creation of new taxes."
"Specific groups, such as small business owners, farmers, and retired individuals."
"The tax code is often complex."
"The tax code... includes rules that benefit certain groups of taxpayers."
"...while shifting more of the burden to others."
"It encompasses both microeconomic and macroeconomic aspects."
"The former focusing on issues of fairness and efficiency in tax collection."
"The latter focusing on the overall quantity of taxes to be collected and its impact on economic activity."
"These policies have significant implications for specific groups within an economy, such as households..."
"These policies have significant implications for specific groups within an economy, such as... firms..."
"These policies have significant implications for specific groups within an economy, such as... banks."