Economic_Managers

The three simple ways in which our economic managers and tax collectors can remove fiscal imbalances are by broadening the tax base, shifting from regressive taxes to more progressive taxes and by ensuring that the taxes collected are used efficiently. The Government should tax those possessing more income and wealth. The absentee landlords who earn billions of rupees and should be the ones paying most of the taxes are the ones paying no taxes at all! The structure of tax implication should shift from the poor to the rich to create a stable economy. The taxes are levied on the business men, at a time when industries are already at a verge of collapsing, which might just push them over the edge. So the taxing structure should be amended immediately. The Government should shift from regressive taxes to more progressive taxes such as inheritance tax, wealth tax, capital gain tax, etc, which will not only ease the hardships of the common man but will also help to restore a balance in the economy by stimulating both the aggregate supply and the aggregate demand in the society. Thirdly, the government should ensure proper usage of the taxes collected. The should be used to control the state of economy in the country by investing in the appropriate industries, rather than wasting the taxes collected on the unnecessary luxuries of the politicians. Failing to do so might push the economy more into a slump rather than improving the state of the economy in the country and eventually fail to serve the purpose these taxes were levied for.