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What (who) is tax - definition

METHOD TO IMPOSE FINANCIAL CHARGE OR OTHER LEVY UPON A TAXPAYER BY A GOVERNMENT OR FUNCTIONAL EQUIVALENT

Taxation; Taxes; Tax, tariff and trade; Tax, trade, and tariff; Tax, trade, tariff; Anti-Tax; Tax, tariff, and trade; Taxed; Taxpayers; Emergency tax; Tax system; Tax-paid; Tax base; Tax costs; Tax payment; Tax policies; Tax Administration; Tax-Compliance; Basic rate tax; Taxation levels; Revenue enhancement; Taxation system; Public expense; Internal tax; Tax, tariff & trade; Tax administration; Economic effects of taxation; TAX; Tax compliance; History of taxation

tax

(taxes, taxing, taxed)

Frequency: The word is one of the 700 most common words in English.

1.

Tax is an amount of money that you have to pay to the government so that it can pay for public services.

They are calling for large spending cuts and tax increases.

...a pledge not to raise taxes on people below a certain income...

N-VAR

2.

When a person or company is taxed, they have to pay a part of their income or profits to the government. When goods are taxed, a percentage of their price has to be paid to the government.

Husband and wife are now taxed separately on their incomes...

The Bonn government taxes profits of corporations at a rate that is among the highest in Europe.

VERB: be V-ed, V n, also V

3.

If something taxes your strength, your patience, or your resources, it uses nearly all of them, so that you have great difficulty in carrying out what you are trying to do.

Overcrowding has taxed the city's ability to deal with waste...

VERB: V n

4.

see also taxing
, council tax
, income tax
, poll tax
, value added tax

tax

I

n.

1) to impose, levy, put a tax on

2) to collect a tax from

3) to pay a tax (to pay a tax on a new car; to pay a large sum in taxes; to pay a tax to the government)

4) to increase, raise taxes

5) to cut, lower, reduce taxes

6) to rescind, revoke a tax

7) an amusement; capital gains; cigarette; death (AE), inheritance (BE has death duty); direct; estate; excess-profits; excise; federal (AE); gasoline (AE), petrol (BE); gift; income; indirect; liquor; local; negative income; nuisance; personal-property; poll; property; real-estate; sales; state (US); transfer; value-added; windfall-profits (US); withholding (esp. AE; BE has PAYE) tax

8) a flat; graduated, progressive tax

9) a tax on (a tax on cigarettes)

10) delinquent taxes

11) (misc.) tax evasion; a tax haven tax; a tax shelter; tax relief

II

v. (formal) (d; tr.) ('to accuse') to tax with (to tax smb. with a crime)

tax

n. a governmental assessment (charge) upon property value, transactions (transfers and sales), licenses granting a right and/or income. These include federal and state income taxes, county and city taxes on real property, state and/or local sales tax based on a percentage of each retail transaction, duties on imports from foreign countries, business licenses, federal tax (and some states' taxes) on the estates of persons who have died, taxes on large gifts and a state "use" tax in lieu of sales tax imposed on certain goods bought outside of the state. See also: ad valorem capital gains estate tax franchise tax gift tax income tax unified estate and gift tax use tax

Wikipedia

Tax

A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or national), and tax compliance refers to policy actions and individual behaviour aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax reliefs. The first known taxation took place in Ancient Egypt around 3000–2800 BC. A failure to pay in a timely manner (non-compliance), along with evasion of or resistance to taxation, is punishable by law. Taxes consist of direct or indirect taxes and may be paid in money or as its labor equivalent.

Most countries have a tax system in place, in order to pay for public, common societal, or agreed national needs and for the functions of government. Some levy a flat percentage rate of taxation on personal annual income, but most scale taxes are progressive based on brackets of annual income amounts. Most countries charge a tax on an individual's income as well as on corporate income. Countries or subunits often also impose wealth taxes, inheritance taxes, estate taxes, gift taxes, property taxes, sales taxes, use taxes, payroll taxes, duties and/or tariffs.

In economic terms, taxation transfers wealth from households or businesses to the government. This has effects on economic growth and economic welfare that can be both increased (known as fiscal multiplier) or decreased (known as excess burden of taxation). Consequently, taxation is a highly debated topic by some, as although taxation is deemed necessary by general consensus in order for society to function and grow in an orderly and equitable manner through the government provision of public goods and public services, others such as libertarians and anarcho-capitalists are anti-taxation and denounce taxation broadly or in its entirety, classifying taxation as theft or extortion through coercion along with the use of force.

https://en.wikipedia.org/wiki/Tax

Examples of use of tax

1. Take council tax, tax on fuel, car tax, income tax etc.

2. Hypocrisy of anti–tax avoidance Where do the boundaries lie between legitimate tax planning, tax avoidance and outright tax evasion?

3. If we had a fair tax, it would eliminate not just the alternative minimum tax – personal income tax, corporate tax.

4. So, the 2p off income tax will be swallowed up by Council Tax, Petrol Tax, Airline Tax, Car tax and other taxes not yet understood.

5. The study looked at the 25 main taxes, which include income tax, National Insurance and council tax, VAT, corporation tax, petroleum revenue tax, fuel duties, capital gains tax.