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marginality, marginal utility, disutility, tax rates, taxation, progressive and regressive tax systems, labour market incentives
At its simplest, taxation is money, paid to the government, which is used to fund the majority of government spending. You are probably familiar with direct taxes such as income tax or national insurance, or indirect taxes, such as VAT added to purchases. However, there are also implicit taxes imposed on individuals, for instance, when those who receive benefits from the state (such as universal credit, or child benefit) have their benefits gradually removed as their income increases.
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