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Tax evasion is the illegal non-payment or underpayment of taxes. It undermines public finances and forces governments to raise taxes or reduce services.

In public finance, expenditure refers to the money spent by the government on goods, services, and obligations to achieve economic and social goals.

Fiscal policy involves the use of government spending and taxation to influence the economy. It aims to achieve full employment, control inflation, and stimulate economic growth.

A flat tax applies the same tax rate to all taxpayers, regardless of their income level. It simplifies the tax code but doesn't account for differences in income.

An excise tax is a tax on specific goods or services, like fuel, tobacco, and alcohol. It can discourage consumption of harmful products and generate revenue.

Public debt, or government debt, is the total amount owed by the government to creditors. It can be caused by deficits and is used for investments and stimulations.

A budget deficit occurs when government spending exceeds its revenues. It can be financed through borrowing or money creation.

A progressive tax imposes a higher rate on the rich than on the poor, reducing income inequality and providing more revenue that can be spent on public services.

Automatic stabilizers are economic policies and regulations that offset fluctuations in a nation's economic activity without additional government intervention, like progressive taxes and unemployment benefits.

VAT is a consumption tax placed on a product whenever value is added at a stage of production and at final sale. It is considered efficient but regressive.

Governments issue bonds to borrow money. Investors buy bonds, effectively lending money to the government, which repays with interest at a later date.