Lower taxes refer to a decrease in the amount of money individuals and businesses are required to pay in taxes. This is often advocated as a way to reduce the financial burden on taxpayers and stimulate economic growth.
Related terms
Supply-side economics: This term refers to an economic theory that argues reducing taxes encourages investment, production, and overall economic growth.
Tax cuts: These are specific measures taken by governments to lower tax rates or provide exemptions on certain types of income or transactions.
Laffer curve: The Laffer curve illustrates the relationship between tax rates and government revenue, suggesting that at a certain point, lowering taxes may actually increase government revenue due to increased economic activity.