Taxes support the economy in many ways. Some of them are:
1. It gives money to the government to help with funds.
2. It provides revenue in the form of public services for the economy.
What is tax?
A compulsory charge that is applicable to all citizens who are involved in money-making activities is known as "tax." It is a kind of levy imposed on a taxpayer by a governmental organisation in order to fund government spending and various public expenditures.
In other words, it can be said that taxes are mandatory contributions levied on individuals or corporations by a government entity. It is the tax revenues that provide finance for government activities, including public works and services such as roads and schools, and many more.
Thus, it can be stated that taxes support the economy in many ways.
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