why should I pay Income Tax

why should I pay Income Tax
Taxes in all different forms - Income tax, VAT, Sales Tax, Property Tax, Wealth tax, road tax, toll tax etc. Taxes serve three purposes

Tax is compulsory payment to the government out of our earnings. Many people feel why should we pay Income tax. What is its benefit for us. First question is where govt. generate income. Our tax provides govt. revenue. It helps to develop our country, provide basic amenities and also protect us from invasions.

Govt spend this revenues on various schemes and projects.. Govt. protect us from internal and external crises, provide us food in cheaper rate we pay for that nominal price, construct road and flyover, help us when natural disaster occur like in Nepal and some part of India etc. Govt needs funds for develop infrastructure for us. If we pay income tax we contribute in every step of country growth. As a noble man once said “with tax I buy the growth of my country”.

Create a revenue stream for the government

Government needs money for a lot of things like pay salaries to government staff who work in multiple government departments, national security and internal security (police/ fire brigades etc), education, research, health, infrastructure projects (roads, railways, airports, seaports), subsidies etc

Redistribution of money

The compensations in event of calamities, grants, scholarships, subsidies and direct benefits transfers that are funded through taxes are a way to provide money to deserving less fortunates.

Management of oddities and quirks

Their are people who will spend on things that should be avoided like tobacco, alcohol, casinos. Also their are things that we should use less like polluting vehicles, plastics. Taxes on such stuff (at a significantly higher rate) discourages people against these and helps maintain the availability of basic survival to common man.

Tax money helps to ensure the roads you travel on are safe and well-maintained. Taxes fund public libraries and parks. Taxes are also used to fund many types of government programs that help the poor and less fortunate, as well as many schools!

Taxes take many forms, too. When you work at a job to make money, you pay income taxes. Depending on how much money you make, a certain percentage (part) of the money you make is withheld (kept out of your paycheck and sent to the government).

When you buy things at a store, you also usually pay sales tax, which is a percentage of the cost of the item charged by the store. If you own property, you also pay property taxes on the value of your property.

Big Reasons to Feel Good About Taxes

Taxes put out fires, keep our streets safe, provide our children with education, provide our families with health care, ensure our food and water are safe, create legal safeguards for businesses and employees, provide parks.

Past generations paid taxes for what we have today - schools, hospitals, courts of law, roads, public transit, parks. Our taxes today allow us to pass along those benefits to future generations - our children, grandchildren and great grandchildren.

If we ignore, shortchange or postpone funding for social, economic and environmental problems today, the solutions become more expensive in the future.

Public sector employees work hard, often in difficult circumstances, to keep government running and provide the public services we need. We need to attract and retain hard-working public employees and pay them fair compensation.

Money begets power, which begets more money, and more power. Taxes provide a counterbalance, by softening extreme disparities in wealth, power and benefits.

Taxes ensure that India can build and maintain the necessary infrastructure – education, health care and transportation systems - to attract investment and businesses, and thrive in a competitive global economy.

Taxes make the marketplace work – by maintaining a regulated business environment to protect property rights, enforce fair practices and protect consumers and investors.

Taxes allow citizens, residents and businesses to do things together that we could never do on our own. In other words, taxes allow us to be Canadian in the way we live, work and play.