Describe the various sources of public revenue and Kinds of Taxation
The modern states have to perform multifarious duties for promoting the welfare of their citizens. For the performance of these functions, money is needed. Every government therefore tries to meet its annual expenditures from taxes and from sources other than taxation. The revenue of the state can be classified under the following heads. 1. Revenue from Private Income: A government derives revenue from citizens by taxation and from other non-tax resources such as fees, prices, special assessments, rates etc. 2. Irregular Revenue: Under this heading, we include all items such as gifts, penalties, war indemnities etc. 3. Revenue from State Ownership: A government also obtains incomes from the different assets which it owns. For instance government receives money from state buildings, crown lands, and other productive enterprises such...