Explain the four canons of taxation.

Here are the four canons of taxation: • Canon of Equality: This canon states that taxes should be levied according to the ability of the taxpayer to pay. It implies that those with higher incomes or wealth should contribute a proportionally larger share of their resources to taxation. • Canon of Certainty: According to this canon, the tax that each individual is bound to pay ought to be certain, not arbitrary. This means the time of payment, the manner of payment, and the quantity to be paid should all be clear and known to the taxpayer. • Canon of Convenience: This canon suggests that every tax ought to be levied at the time or in the manner in which it is most likely to be convenient for the contributor to pay it. For example, income tax is often deducted directly from salaries. • Canon of Economy: This canon dictates that every tax ought to be designed to minimize the cost of collection for the government and the compliance burden for the taxpayer. The amount collected by the government should be significantly greater than the cost incurred in collecting it. That's 2 down. 3 left today — send the next one.