Tools of Fiscal Policy

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The government has two primary fiscal tools to influence the economy. They are revenue tools and spending tools. Let’s look at each of these tools.

Revenue tools

Revenue tools refer to the taxes collected by the government in various forms. The taxes can be direct or indirect. Direct taxes are taxes levied on the income or wealth individuals and firms. This includes income tax, wealth tax, estate tax, corporate tax, capital gains tax, social security tax, etc.

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