Taxation
Overview of Taxation
“Tax” a very common concept known to everyone. In this section let’s take a brief overview of taxation and the tax model adopted on Socket network and how it’ll work. In short, everything that is currently in existence in the current system is ported on Socket. But, Socket being a blockchain based social network, every feature is developed in a highly sophisticated manner.
Types of Taxation
To name a few types of taxation (but are not limited to)
| Types |
|---|
| Income tax |
| Corporate tax |
| Property tax |
| Inheritance tax |
| Sales tax (GST, VAT) |
Tax model on Socket network
On Socket network, just like every other platform, users can carry on fiat transactions. Fiat transactions can be inside a shared community or between two users in their personal community.
Why should you switch to Socket network and What are the advantages ?
In the current system, the main problem is that none of us can actually see how and what exactly is the tax money being utilised for. Imagine a world where you pay your taxes to the government and then you as a taxpayer, can actually choose where you want that tax money to be used for in the society. Wouldn’t that be awesome to actually direct where your money should go or choose a particular cause for which you’d want your hard earned money to reach in the society ?
Socket being a blockchain based social network which is built on top of trust and privacy, we’ve aimed and designed it such that no person in the society will have any concerns over corrupted politicians misusing the funds.