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In economics, a leakage is a diversion of funds from some iterative process. For example, in the Keynesian depiction of the circular flow of income and expenditure, leakages are the non-consumption uses of income, including saving, taxes, and imports. In this model, leakages are equal in quantity to injections of spending from outside the flow ...
'Leakage' means withdrawal from the flow. When households and firms save part of their incomes it constitutes leakage. They may be in form of savings, tax payments, and imports. Leakages reduce the flow of income. 'Injection' means the introduction of income into the flow. When households and firms borrow savings, they constitute injections.
The principle of convenience can be used to guide the design of the tax structure in the following ways: A general tax on benefits - taxing benefits would adjust taxes to each taxpayer's demand for public goods. Given the diversity of preferences, a universal tax formula would not be sufficient for all individuals.
Taxation is the most important source of government revenue. [2] Governments can use tax revenue to provide public services such as social security, health care, national defense, and education. Changing the distribution of income and wealth.
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Tax exemption generally refers to a statutory exception to a general rule rather than the mere absence of taxation in particular circumstances, otherwise known as an exclusion. Tax exemption also refers to removal from taxation of a particular item rather than a deduction. International duty free shopping may be termed "tax-free shopping". In ...
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Upon reflection, Tax protesting is a fringe topic of minimal value to any real discussion of taxation in the United States. I propose therefore to eliminate everything in the section except for a link to the article, Tax protester, which has its own template connecting articles on the topic.