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The Pros And Cons Of Progressive Taxation

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This implies that taxation will make a positive impact on employment and be beneficial to the economy if labour tax rate reduces (Apere, 2003). Studies have observed the existing behaviour of tax evasion and tax avoidance and both imply the reduction of the tax bill. The behaviour of tax avoidance is regarded as legal; it is the use of strategies that makes it possible for any taxpayer to minimise tax in a legal way, and to search for strategies for the exploitation of deficiency or uncertainties in the law, which is regarded as aggressive tax planning strategies. However, both tax avoidance and tax evasion use as non-compliance by economic literatures, even though tax evasion is illegal by its nature, (Freire-Sereny and Marti, 2011). Bonu …show more content…

Weller & Rao (2008), explained the relation among progressive taxation and financial constancy, financial development, inequality and fiscal policy by combining particular macroeconomic data and observed that policy makers are provided the ability to carry out countercyclical fiscal policies, through the application of progressive taxation, which successively, contributes significantly to economic growth, no evidence that proves that progressive taxation has an adverse effect on economic stability by reducing growth. Besides, people believe that when the tax rate reduces, it goes a long way to encourage taxpayers and proffer economic development. Committee on Taxation (2015) agree that tax policy can directly influence the level of human capital, physical capital, labour supply, and technology in the economy, by way of lowering the individual tax rate on wages, business income, and education cost to increases their various after tax returns which in turn increases economic …show more content…

An enhanced tax pressure and the shift from direct tax to indirect tax relates with decreased financial development as their assessment implied. Dackehag and Hansson (2012) observed statutory tax rates on personal and corporate earnings and define how it affects financial development using a panel data from 1975 to 2010 for 25 rich OECD nations. They explained that both personal income tax and corporate tax harmfully influence financial development. The research mentioned that there is a constructive financial development in correlation with business income tax (Weller & Rao,

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