Why are taxes necessary for society? How do taxes impact the economy? How do taxes personally impact your current or future income?

1. To support the operations of government, reduce income of individuals and businesses.

2. They effect on the incentive to work, save, and invest.

3. Primarily through the supply side. High marginal tax rates can discourage work, saving, investment, and innovation, while specific tax preferences can affect the allocation of economic resources. But tax cuts can also slow long-run economic growth by increasing deficits. The long-run effects of tax policies thus depend not only on their incentive effects but also their deficit effects.

Explanation:

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