👉 In economics, "overtaxation" refers to a situation where government or a private entity imposes higher taxes than necessary on an individual or group of individuals based on their income or assets. This can happen in many forms including: 1. Higher sales tax: When a company sells goods and services at a higher price than usual, it is likely to be subject to a sales tax. 2. Increased property tax: When the value of properties increases, the government may impose additional taxes on owners based on