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Answer :
Taxes equal total income minus consumption minus private savings.
Taxes can be understood as the portion of individuals' income that is collected by the government to finance public expenditure. In this case, the equation states that taxes equal total income minus consumption minus private savings.
Total income represents the overall earnings generated within an economy, including wages, salaries, profits, and other sources of income. Consumption refers to the portion of income spent on goods and services by individuals and households. Private savings represent the portion of income that is saved by individuals rather than being spent.
By subtracting consumption and private savings from total income, we arrive at the amount available for taxation. This equation suggests that taxes are levied on the remaining portion of income that is not used for personal consumption or saved privately.
This equation highlights the relationship between income, consumption, savings, and taxation, illustrating that taxes are determined by the difference between total income and the amount allocated towards consumption and private savings.
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