Consider the following statements : The objective of personal income tax reform in the recent past has been to1. bring the 'hard-to-tax' groups into the tax net2. adopt a highly progressive rate schedule3. choose moderate rates4. allow as few deductions and exemptions as is possible Of the above statements

Public finance is the study of the role of the government in the economy. It is the branch of economics that assesses the government revenue and government expenditure of the public authorities and the adjustment of one or the other to achieve desirable effects and avoid undesirable ones.