I
Government levy on persons, groups, or businesses.
Taxes are a general obligation of taxpayers and are not paid in exchange for any specific benefit. They have existed since ancient times
property tax es and
but tariff s were favoured over internal taxes as a source of revenue. In modern economies, there has been a trend away from tariffs in favour of internal taxes, which provide the majority of revenues. Taxes have three functions: to cover government spending, to promote stable economic growth, and to lessen inequalities in the distribution of income and wealth. They have also been used for nonfiscal reasons, such as to encourage or discourage certain activities (e.g., cigarette consumption). Taxes may be classified as direct or indirect. Direct taxes are those that the taxpayer cannot shift onto someone else; they are mainly taxes on persons and are based on an individual's ability to pay as measured by income or net wealth. Direct taxes include income tax es, taxes on net worth, death duties (i.e., inheritance and estate taxes), and gift taxes. Indirect taxes are those that can be shifted in whole or in part to someone other than the person legally responsible for payment. These include excise taxes, sales taxes, and value-added tax es. Taxes may also be classified according to the effect they have on the distribution of wealth. A proportional tax is one that imposes the same relative burden on all taxpayers, unlike progressive tax es and regressive taxes.
II
[c mediumvioletred] (as used in expressions)
capital gains tax
consumption tax
corporate income tax
estate tax
income tax
inheritance tax
investment tax credit
luxury tax
poll tax
progressive tax
property tax
regressive tax
sales tax
single tax
{{link=value added tax">value added tax