➡️ The national debt is the total amount of money owed by the government of a country to its creditors. It is the result of the government borrowing money to finance its operations and activities.
➡️ The national debt is an important indicator of a country's economic health, as it reflects the government's ability to manage its finances and pay its debts. It can also be used to measure the level of economic activity in a country.
➡️ The national debt can have a significant impact on a country's economic growth, as it can lead to higher interest rates, increased inflation, and decreased investment. It can also lead to a decrease in the value of the currency, which can have a negative effect on the country's international trade.
What is the purpose of taxation?
The purpose of taxation is to raise revenue for the government to fund public services and infrastructure, as well as to redistribute wealth and influence economic activity.
What are the different types of taxation?
There are several different types of taxation, including income tax, corporate tax, sales tax, property tax, and excise tax.
How does taxation affect the economy?
Taxation affects the economy in a variety of ways. It can influence consumer spending, business investment, and the overall level of economic activity. It can also affect the distribution of wealth and income, as well as the incentives for businesses to invest and create jobs.