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Effects of Taxes Taxes are needed in order to securely administer and fund different governmental organizations as well as construction and other universal infrastructure services Many proponents of taxes suggest that taxation is way too extreme within the present day economic trends that exist within America Taxes do fund many programs and construction of certain projects within America but also effect certain aspects of Americas economy Taxes do present positive as well as negative characteristics within an economic system Increased taxes do have a direct effect toward consumers businesses and the overall economy Consumers are exposed to extreme effects of taxes and may even be effected more than any other group within the economy Increasing prices on their products due to the increased taxes makes up most of the potential profits for businesses The consumers therefore lose out because of the increased prices and must decide on another budgetary analysis For example a consumer who is introduced to new taxes may decide to stop purchasing a certain product A consumer may choose to not purchase a good that my normally go along with another good This good is a complimentary good and may not be bought because of increased taxes For instance if a consumer normally buys powdered cream with coffee grinds increased taxes may require a consumer to only purchase one of the goods The coffee would be the good that the consumer would purchase and would not purchase the creamer A similar phenomenon would occur for a consumer that participates in buying superior and inferior goods For instance a consumer usually buys higher priced brands of cereals and due to higher taxes the consumer may be content in purchasing generic brands of cereals instead of the normal purchase of higher priced brands This is labeled as substitute goods and denotes how a change in taxes will cause a consumer to substitute another good and in this case a cheaper good
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