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1. State budget and tax policy methods and specific features
One of the main tasks of the state is to stabilize the economy. Such stabilization is achieved not only through monetary policy, but also through fiscal policy.
Fiscal policy is a set of measures, including changes in government spending and taxes, aimed at ensuring full employment in the economy, the balance of payments and economic growth in the context of non-inflationary GDP .
In times of economic stagnation or recession, the state pursues a fiscal expansion fiscal policy, which is encouraged by the state. In other words , the state solves the problem of economic decline in the short term by increasing public spending or reducing taxes, or by doing both at the same time. In the long run, high government spending and tax cuts can lead to an increase in factors of production and, consequently, an increase in economic potential. However, this can be achieved only through the effective use of the monetary policy pursued by the Central Bank and the optimization of the structure of public spending . Restrictive fiscal policy - fiscal restriction is carried out in situations where inflation may occur as a result of full employment and excess demand in the economy. Restrictive fiscal policy is to limit the periodic growth of the economy by reducing government spending (G) or raising taxes (T) or by taking both measures at the same time. In the short run, these measures will reduce demand inflation . In the long run, higher taxes can lead to stagnation in the economy. This undermines the country's economic potential. An additional impetus for this may be the inefficient use of public spending. If government expenditures and autonomous taxes increase by the same amount, the equilibrium output will increase by the same amount or less. This is called a balanced budget multipiticator referred to. A balanced budget mul type liqueur is equal to or less than one.
The effect of changes in government spending is greater than the effect of lower taxes. This is due to the fact that the impact of government spending on income and consumption is stronger than the impact of tax changes .
This difference plays an important role in the choice of fiscal policy instruments. If the government wants to expand the public sector, it would be wise to increase its spending to end the periodic decline and raise taxes to curb inflation .
Conversely, if fiscal policy is aimed at restricting the public sector, it will reduce taxes in the event of a periodic decline, and an increase in public spending during a periodic increase is the preferred way.
In a democracy, the budget is a document that is approved by law . It reflects the movement of funds accumulated in the hands of the state in order to perform its functions. Directing monetary resources to achieve the goals that define public policy is a priority of fiscal policy. If the achievement of the goal requires more funds than the national economy, the state will have to use the following emergency methods of generating additional income : domestic and foreign loans, the sale of national wealth, the sale of wealth and property. leases and concessions. Emergency measures to replenish the revenue side of the budget can lead to the loss of economic independence. With this in mind , the legislature pre-determines the borrowing limit.
The government pursues fiscal policy based on the conditions of the country. Such a policy requires the country to have a clear program of government financial activities within the monetary potential, to control the budget deficit and find sources to cover it, to allocate funds from the budget for highly effective economic programs.
The reasons for the budget deficit can be:
♦ deficit of the state's credit investment to on the need for economic development may mean, in this case the state of the economy in crisis, but the state economic regulation of mining out , progressive step efforts to ensure due;
♦ shortages of emergency may arise as a result of this case and not enough budget resources resources needed source of bith;
♦ Deficits are caused by a crisis, in which the economy is in a state of disarray, financial and credit relations are ineffective, and the government is unable to control the financial situation in the country .
The budget deficit has existed for a long time and has had a significant impact on our economy. These, in turn, are reflected in the state budget and money circulation. The budget deficit also means an increase in inflation, a decrease in the number of products in retail outlets , and an increase in the problems of material production and socio-cultural security.
Tax policy is the most important part (direction) of fiscal policy. In a market economy, it is difficult to rebuild the economy without personal initiative and effective work of all members of society. Taxes remove the main incentives for labor in a market economy, that is, labor must bring income . The impact of tax policy on the country's economy is direct - a high tax threshold reduces the investment potential of the reproduction process, the level of consumption in society decreases, which, in turn, leads to a decrease in the growth base of production and services. will come.
Along with the legislative and executive branches of government, the judiciary plays an important role in the development and implementation of tax policy. Followed by the judicial authorities of the legal taxes equal to the taxes and other compulsory payments to the budget during its receipt, establishment of control over the application of measures aimed at the prevention of violations of tax legislation.
Not only individual institutions are directly involved in the development of tax policy , but also taxpayers can participate in its development, that is, the taxpayers themselves are offered suggestions for improving taxes, easy and efficient calculation of taxes, etc. possible.
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