The taxes are the vital sources of the government whether they are imposed on buyers or sellers, according to economics, through which the government pays its labor or invests them in the development projects of the country. The taxes on each material is taken, even graves are included in some cities of Pakistan. The prime minister of Pakistan (Imran Khan) has been stressing the need to ramp up the growth of Pakistani currency by Implementing collaboration with progressed countries as well as taking debt from them to build up a wealthy economy for the country. Sometimes the prime minister gets live to have discussions with the people who are in hot water to solve their problems.
However, most of them lodged complaints were about the imminent poverty of the nation. Some people have taken loans to get just a little utility, some don’t have three times as much food, and many more.
This is caused due to the high-level taxes on each material. The essentials are so expensive that a middle-class family is ranked in poverty, which comes in the category of fewer than two dollars per day income. The reason is every day the dollar value is escalated, currently, it is above 174 rupees in Pakistan. As a result, the essentials are incomplete for every middle-class family.
If the government prints too much money, then there will be inflation, a principle of economics, however today the people do have not that much money, but still, inflation is at its peak. This is because the taxes are charged for the essentials with demand. And one more reason is the country is being more indebted day by day as the dollar increases, not decreases.
This is wholly wrong that the taxes will build up a great economy for the country. The reason is that people don’t have money to buy three times more food than how they buy their essentials and invest. Technically it is right although it is just an injustice being with the nation. As the standard of living in Pakistan still is on the stage where it was 30 or 50 years ago.
The only business which surely helps the country to progress rather than taking taxes from penurious people and businesses the people are unable due to the current taxes. Everybody would like to have a developed country. However, the government itself made the people and the country limited.
According to economics, the event that leads towards cost-push inflation and therefore stagflation when there is an individual. That’s completely right if there is no investment and earning profits, then obviously the economy remains stagnant.
Governments sometimes can improve market outcomes. The stamina is handed over to the government always in Pakistan which has made the people confused. As it just imposes taxes on the sellers and buyer, in fact, it should eradicate the copyright process as the original is a waste of money due to this. The original is not sold. While copies are sold at less price. However, If people buy the original expensive essentials that’s fine as the essentials may last longer or are stronger. But when the people pay hefty taxes on no accounts. It may be the cause that the seller can’t achieve the profit on time as the buyer doesn’t invest. And this doesn’t make sense because the people invest the money and don’t have essentials.
There is no doubt that the country is in a state of poverty and getting worse. This condition for Pakistan is really serious which may cause the people to strive to change the government by voting a corrupt or better leader to lead the country. The prime minister needs to decrease the taxes at least on essentials otherwise the people will have no option to do something right, but illicit works to survive from this worsening situation.