Understand taxes from "summary" of Know Your Money by
Understanding taxes is a crucial aspect of managing your finances effectively. Taxes are fees imposed by the government on income, goods, and services to fund public expenditures. These funds are used for infrastructure development, social welfare programs, healthcare, education, and other essential services that benefit society as a whole. In order to understand taxes, it is important to be aware of the different types of taxes that exist. Income tax is levied on the earnings of individuals and businesses, while sales tax is imposed on the purchase of goods and services. Property tax is based on the value of real estate owned by individuals or businesses, and capital gains tax is applied to the profits ...
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