TAXING POWER Meaning and
Definition
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Taxing power refers to the authority and ability of a government or a governing body to impose taxes on its citizens or entities within its jurisdiction for the purpose of generating revenue to finance public expenditures. It is one of the essential powers of a government that enables it to collect funds required to carry out its functions and responsibilities, such as maintaining public infrastructure, providing public services, and promoting the welfare of its population.
The taxing power allows a government to create and enforce laws that define which types of taxes can be imposed, the rates at which they are levied, and the individuals or entities that are subject to these taxes. This power is typically granted to governments through their legislative bodies, such as parliaments, congresses, or local assemblies, which pass tax laws and regulations.
The exercise of taxing power is based on the principle of fiscal responsibility, which entails the government's duty to raise revenue in a fair and equitable manner. This means that taxes should be levied in a manner that takes into account the ability to pay and should not place an undue burden on any particular group or segment of society.
Taxing power plays a crucial role in shaping national and local economies by influencing individuals' and businesses' financial decisions, consumption patterns, and investment choices. It affects the distribution of wealth, income levels, and economic growth dynamics within a country. As such, it is a key tool for governments to achieve their fiscal objectives and address social and economic policy goals.
Common Misspellings for TAXING POWER
- raxing power
- faxing power
- gaxing power
- yaxing power
- 6axing power
- 5axing power
- tzxing power
- tsxing power
- twxing power
- tqxing power
- tazing power
- tacing power
- tading power
- tasing power
- taxung power
- taxjng power
- taxkng power
- taxong power
- tax9ng power
- tax8ng power
Etymology of TAXING POWER
The etymology of the term "taxing power" can be understood by examining the origins of its individual components: "tax" and "power".
1. Tax: The word "tax" originated from the Latin term "taxare", which means "to charge, appraise, or assess". It entered the English language in the late 14th century with the meaning of a "sum of money imposed by authority on income, property, goods, etc., for the support of the government".
2. Power: The term "power" stems from the Old French word "povoir" (pronounced poe-vwar), which ultimately derives from the Latin word "potere" (meaning "to be able"). It entered the English language around the 13th century and refers to the ability or capacity to do something or exert control or authority.
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