Question : The 'Ability to Pay' Principle of Taxation is given by
Option 1: Adam Smith
Option 2: Edgeworth
Option 3: Joan Robinson
Option 4: J.S. Mill
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Correct Answer: Adam Smith
Solution : The correct option is Adam Smith
The 'Ability to Pay' concept states that individuals and companies should only pay taxes in proportion to their financial resources derived from their wealth or income. This principle was ideated by Adam Smith , one of the pioneers of contemporary economics.
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