What is the purpose of taxation and how are taxes levied and collected?

Taxation is a method used by local governments to collect money from their citizens. This money helps finance public services such as police and fire protection, public schools, libraries, health care, road maintenance, and other projects. Taxes are usually calculated based on a percentage of the value of property and income. Property taxes are assessed on the value of real estate, such as buildings, land, and other assets. Income taxes are assessed on the amount of money an individual earns from different sources, such as wages and investments. The primary purpose of taxation is to generate revenue for the government. This revenue is used to fund public services, pay government salaries, and finance projects. In New Hampshire, the state collects income tax from residents and corporations. Local governments also assess taxes, such as property taxes, vehicle registrations, and excise taxes, to fund local services. The taxes collected are distributed to the state and local governments. The state then returns some of the revenue to the local governments depending on the size and financial needs of the community. Taxes are collected through various methods. In New Hampshire, most taxes are collected by the state Department of Revenue Administration (DRA). The DRA collects taxes from individuals and businesses in the form of checks, electronic payments, and wage withholding. Local governments also collect some taxes, such as property taxes, through local offices.

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What is the purpose of taxation and how are taxes levied and collected?

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