– The essential expenses which are required for a certain way of living. – Housing, food, healthcare and other taxes fall into this category.
– It is the financial contribution that you make as a citizen to your government. – Taxes are basically used as a fund for public services, social programs and various other social programs.
– Taxes can directly affect the cost of living. – The high tax rates can result in a higher rate of costs for various goods and services. – Government spending on various infrastructure can decrease the overall cost of living.