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Module 10 | Session 1 | Fundamentals of Taxes
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We go through a classic excerpt from the works of Frank A. Fetter, an American economist.

Anupam Mishra is teaching live on Unacademy Plus

Anupam Mishra
Batch of 2018 IIM Lucknow || Former Verbal & Quant Faculty || Loves Philosophy || Trekker || Enfield enthusiast || Powerlifter

U
Unacademy user
mam your speak is very very very very very quite
Preeti Mandyal
8 months ago
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SD
It would be really helpful if we also have the questions to the passages to solve. Thanks.
  1. Reading Comprehension For the CAT The Genre Series Module 10 Session 1 Fundamentals of taxes." A Course By: Anupam Mishra


  2. Structure & flow of Sessions. Reading the Passage Para-wise Summary Central Idea Word- meanings No specific Questions to be solved (Shall have a separate course for that)


  3. Some Quips about the Passage O Passage part of: The Principles of Economics, with Applications to Practical Problems' O Was an American Economist O Belonged to Austrian School O Became president of the American Economic Association in the year 1913. O Was a fellow of the American Academy of arts and Sciences and also a member of the American Philosophical Society O His major contributions are The principles of Economics, Source Book in Economics, Modern Economic Problems, Essays in the theory of distribution, etc. O "Every theory must ultimately meet two tests: one, that of internal consistency, the other that of consistency with reality." Author Frank A. Fetter


  4. The Passage (part 1) Provision for the expense of organized government is the fundamental purpose of taxation. Taxation may be defined as the taking by the government of private property for public uses. This implies a certain degree of compulsion. By taxation the government interferes with the individual's free choice and with the impersonal economic forces. It expends income in different ways from those which would be chosen by the individual. Taxes usually are a portion taken from the income arising from labor or from wealth. In rare cases more than the net income of wealth may be taken, but the aim of taxation in general is to take only a portion of the income for public uses. As economic income has many sources, it may be intercepted at many different points, and taxation may take various forms. First, private income may be appropriated by a tax on income. This is the simplest in thought, but the administrative difficulties of the income-tax are great in practice. It is not easy to determine the money value of the various sources of enjoyment that come into a man's possession in the course of a year, including, as the ideal requires, the immaterial gratifications along with the material.


  5. The Passage (part 2) A second form is a tax on property in proportion to value. Since the value of material wealth is the capitalization of the rentals at the prevailing rate of interest, the property tax, so far as it applies to material wealth, should take an approximately equal proportion of incomes. A third form of tax is one on c another mode of attacking income. The principal consumption taxes in the United States are the tariff duties and the internal revenues of the national government. In time of war, internal revenues are extended in the United States to a multitude of articles, but usually they are limited (with minor exceptions) to liquor and tobacco. onsumption, or expenditure. This is but A fourth form of tax is one on selected agencies of industry; such are business taxes, licenses, taxes on investment in business, corporation taxes, etc. Actual tax systems combine these forms in great variety, subtracting many minute fractions from each citizen's income in ways unsuspected by him.


  6. Para-Summaries Paragraph -1 O The author starts with describing the fundamental purpose of taxation & then goes on to define it. He then further relates different ways of looking at taxes. Towards the end he again lucidly describes the aim of taxation & finally closes with providing a basis for tax classification Paragraph 2 O Private income is the 1st category he talks about. Expresses how it is seemingly the simplest yet not really so. Primarily because immaterial income is difficult to account for.


  7. Para-Summaries Paragraph 3 O In this paragraph he talks about the 2nd & 3rd form of tax, Property tax being 2nd form, author justifies why it need be levied. And the 3rd form being tax on expenditure. This is levied in form of tariff duties, & has a variable ambit depending on the scenario in the country. Paragraph 4 O Finally he talks about the 4th form of tax viz. Business taxes licenses etc. And closes the passage with stating how tax systems combine these 4 forms & tax the unsuspecting citizen.


  8. Central Idea of Passage P1: The author starts with describing the fundamental purpose of taxation & then goes on to define it. He then further relates different ways of looking at taxes. P2: Private income is the 1st category he talks about. Expresses how it is seemingly the simplest yet not really so. P3 In this paragraph he talks about the 2nd & 3rd form of tax. Property tax being 2nd form author justifies why it need be levied. And the 3rd form being tax on expenditure. This is levied in form of tariff duties, & has a variable ambit depending on the scenario in the country P4: Finally he talks about the 4th form of tax viz. Business taxes licenses etc. And closes the passage with stating how tax systems combine these 4 forms & tax the unsuspecting citizen. The passage is themed around the fundamentals of taxation. Author systematically talks about the purpose of taxation & then goes on to define it & finally briefs us about the 4 major forms of taxation.


  9. Word-meanings (Contextual) O Provision O Impersonal O Intercepted O Appropriated O Immaterial gratifications O Multitude Supply, Delivery Neutral Met with, Checked Taken Satisfaction from intangible sources A large number of


  10. Genres Tally: Science & Technology: 06 Philosophy: 03 Economic 02 Art & Literature: 06 Religion: 02 Mgmt.: 01 Psychology 01 Culture & Social Sciences: 04 Politics & Government 02 History: 05 Others 01