According to Schumpeter the main symptoms of the crisis in the modern tax state emanate from the prevailing tax structure rooted in the social values of the late 19th century. If we want the tax system to remain a successful instrument of public policy, we need to reform it so that it creates equal opportunities. Positive effects enhance an increase in tax yields. If present tax receipts could be augmented, the budget deficit could be reduced and debt creation would be restrained, lessening the financial pressure on future generations. In explaining the deficit, the public revenue side is considered together with the public expenditure side.
MCB UP Ltd
Copyright © 1991, MCB UP Limited