Tax is a compulsory financial charge or levy imposed by a government on individuals, businesses, and other entities to fund public services and infrastructure. Taxes can take various forms, including income tax, sales tax, property tax, and corporate tax. They are typically based on the taxable income or value of property and are collected at different levels of government, such as federal, state, and local. The primary purpose of taxation is to generate revenue for government operations, including education, healthcare, defense, and social services. Taxes may also be used to influence economic behavior, encourage or discourage certain activities, and promote social equity. Noncompliance with tax laws can result in penalties, fines, and legal consequences.
A recent report warns that Boston could suffer a significant loss in its tax base due to the growing popularity of remote work and high interest rates. This combination has…