What Is The Purpose Of Income Taxes ?
Income tax is the deduction of funds from working citizens to finance the country's welfare operations. This is the revenue paid by every eligible citizen on the payroll. This revenue is collected and used to fund the operations and programs that the government is running. Income tax is in, other words, paid by public in public interest as government is responsible for these interests. |
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Government uses income tax revenue for funding governmental facilities that are provided in a number of fields like military, education, research, road and bridge building, government employee salaries, interest on the national debt and many other projects. People pay income tax and take part in the overall welfare themselves. Government is not a private sector which can afford to fund huge and massive projects for the welfare of the country on its own. It is the responsibility of each and every citizen to pay their tax on time and take part in this process of nation building. This funding basically is targeted for programs that lead to the welfare of the country.
Funding the operations and projects of government is the sole purpose of income tax. The government runs the country, and in order to run a country systematically, they need funding and revenue for proper planning and function. Income tax is the proper way of helping the government function and fulfill all the projects and programs for the betterment of the society and country as a whole. This, in turn, allows a country to progress.
So, pay your taxes on time and the right amount, as this money will go to help the country improve its social structure, infrastructure, security and other facilities provided to the citizens.
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