FACTOID # 2: Puerto Rico has roughly the same gross state product as Montana, Wyoming and North Dakota combined.
 
 Home   Encyclopedia   Statistics   States A-Z   Flags   Maps   FAQ   About 
 
WHAT'S NEW
RELATED ARTICLES
People who viewed "Tax" also viewed:
 

SEARCH ALL

FACTS & STATISTICS    Advanced view

Search encyclopedia, statistics and forums:

 

 

(* = Graphable)

 

 


Public finance
This article is part of the series:
Finance and Taxation
Taxation
Income tax  ·  Payroll tax
CGT ·  Stamp duty  ·  LVT
Sales tax  ·  VAT  ·  Flat tax
Tax, tariff and trade
Tax haven
Tax incidence
Tax rate  ·   Proportional tax
Progressive tax  ·   Regressive tax
Tax advantage

Economic policy
Monetary policy
Central bank  ·   Money supply
Gold standard
Fiscal policy
Spending  ·   Deficit  ·   Debt
Policy-mix
Trade policy
Tariff  ·   Trade agreement
Finance
Financial market
Financial market participants
Corporate  ·   Personal
Public  ·   Regulation
Banking
Fractional-reserve
Full-reserve  ·   Free banking
Islamic

 view  talk  edit  project

A tax is a financial charge or other levy imposed on an individual or a legal entity by a state or a functional equivalent of a state (for example, secessionist movements or revolutionary movements). Taxes are also imposed by many subnational entities. Taxes consist of direct tax or indirect tax, and may be paid in money or as its labour equivalent (often but not always unpaid). A tax may be defined as a "pecuniary burden laid upon individuals or property to support the government […] a payment exacted by legislative authority."[1] A tax "is not a voluntary payment or donation, but an enforced contribution, exacted pursuant to legislative authority" and is "any contribution imposed by government […] whether under the name of toll, tribute, tallage, gabel, impost, duty, custom, excise, subsidy, aid, supply, or other name."[1] Not to be confused with Political economy. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Monetary policy is the process by which the government, central bank... In macroeconomics, money supply (monetary aggregates, money stock) is the quantity of currency and money in bank accounts in the hands of the non-bank public available within the economy to purchase goods, services, and securities. ... For other uses, see Gold standard (disambiguation). ... Fiscal policy is the economic term that defines the set of principles and decisions of a government in setting the level of public expenditure and how that expenditure is funded. ... Government spending or government expenditure consists of government purchases, which can be financed by seigniorage (the creation of money for government funding, at a heavy price of high inflation and other possibly devastating consequences), taxes, or government borrowing. ... This article is about budget deficits. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Government debt (also known as public debt or national debt) is... This article does not cite any references or sources. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        For other uses of this word, see tariff (disambiguation). ... A trade pact is a wide ranging tax, tariff and trade pact that usually also includes investment guarantees. ... The field of finance refers to the concepts of time, money and risk and how they are interelated. ... This article does not cite any references or sources. ... There are two basic financial market participant catagories, Investor vs. ... Domestic credit to private sector in 2005 Corporate finance is an area of finance dealing with the financial decisions corporations make and the tools and analysis used to make these decisions. ... -1... This article does not cite any references or sources. ... For other uses, see Bank (disambiguation). ... Fractional-reserve banking refers to a financial system in which some fraction of the deposits can be used to finance profitable but illiquid investments. ... Full-reserve banking is a theoretically conceivable banking practice in which all deposits, banknotes, and notes in a financial system would be backed up by assets with a store of value. ... Please wikify (format) this article or section as suggested in the Guide to layout and the Manual of Style. ... Islamic banking refers to a system of banking or banking activity that is consistent with Islamic law (Sharia) principles and guided by Islamic economics. ... Look up Levy in Wiktionary, the free dictionary. ... A juristic person is a legal fiction through which the law allows a group of natural persons to act as if it were a single composite individual for certain purposes. ... For other uses, see State (disambiguation). ... Secession is the act of withdrawing from an organization, union, or political entity. ... Revolutionary, when used as a noun, is a person who either advocates or actively engages in some kind of revolution. ... Subnational entity is a generic term for an administrative region within a country — on an arbitrary level below that of the sovereign state — typically with a local government encompassing multiple municipalities, counties, or provinces with a certain degree of autonomy in a varying number of matters. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        The term direct tax has more than one meaning: a colloquial... The term indirect tax has more than one meaning. ... For other uses, see Money (disambiguation). ...


In modern taxation systems, taxes are levied in money, but in-kind and corvée taxation are characteristic of traditional or pre-capitalist states and their functional equivalents. The method of taxation and the government expenditure of taxes raised is often highly debated in politics and economics. Tax collection is performed by a government agency such as Canada Revenue Agency, the Internal Revenue Service (IRS) in the United States, or Her Majesty's Revenue and Customs (HMRC) in the UK. When taxes are not fully paid, civil penalties (such as fines or forfeiture) or criminal penalties (such as incarceration)[2] may be imposed on the non-paying entity or individual. For other uses, see Politics (disambiguation). ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Example of a cheque from the Canada Revenue Agency The Canada Revenue Agency (CRA) administers: tax laws for the Government of Canada and for most provinces and territories; international trade legislation; and various social and economic benefit and incentive programs delivered through the tax system. ... Seal of the Internal Revenue Service Tax rates around the world Tax revenue as % of GDP Part of the Taxation series        IRS redirects here. ... Tax rates around the world Tax revenue as % of GDP        Her Majestys Revenue and Customs (HMRC) is a non-ministerial department of the British Government primarily responsible for the collection of taxes, some forms of state support, some aspects of UK frontier protection and import controls. ... FINE was created in 1998 and is an informal association of the four main Fair Trade networks: F Fairtrade Labelling Organizations International (FLO) I International Fair Trade Association (IFAT) N Network of European Worldshops (NEWS!) and E European Fair Trade Association (EFTA) // The aim of FINE is to enable these... Search and seizure is a legal tool whereby police who suspect that a crime has been committed may do a search of the property. ... The examples and perspective in this article or section may not represent a worldwide view. ...


Tax can result in anything from the mechanisms of slavery to the fruits of re-distributive social revolution, depending on the details of its implementation.

Contents

Purposes and effects

Funds provided by taxation have been used by states and their functional equivalents throughout history to carry out many functions. Some of these include expenditures on war, the enforcement of law and public order, protection of property, economic infrastructure (roads, legal tender, enforcement of contracts, etc.), public works, social engineering, and the operation of government itself. Most modern governments also use taxes to fund welfare and public services. These services can include education systems, health care systems, pensions for the elderly, unemployment benefits, and public transportation. Energy, water and waste management systems are also common public utilities. Colonial and moderning states have also used cash taxes to draw or force reluctant subsistence producers into cash economies. For other uses, see Law (disambiguation). ... In urban planning, the notion of public order refers a city containing relatively empty (and orderly) spaces; which allow for flexibility in redesiging the citys layout; such perceptions played an important role in the establishments of suburbs. ... This article or section does not cite any references or sources. ... For other uses, see Road (disambiguation). ... Legal tender or forced tender is payment that cannot be refused in settlement of a debt denominated in the same currency by virtue of law. ... Look up Public works in Wiktionary, the free dictionary. ... Social engineering is a concept in political science that refers to efforts to systematically manage popular attitudes and social behavior on a large scale, whether by governments or private groups. ... ... Public services is a term usually used to mean services provided by government to its citizens, either directly (through the public sector) or by financing private provision of services. ... Education encompasses teaching and learning specific skills, and also something less tangible but more profound: the imparting of knowledge, good judgement and wisdom. ... This article or section does not adequately cite its references or sources. ... For the lodging, see Pension (lodging). ... Unemployment benefits are payments made by governments to unemployed people. ... A taxi serving as a bus Public transport comprises all transport systems in which the passengers do not travel in their own vehicles. ... LLGHHHHHHHHHK BNMNKBV JKVGKJJH JHVG KJVH KJV KJV JKV JV JV KJFYG KHV KJV gfnnnnnnnnnnhngjkv jh b ... For the company, see Waste Management, Inc. ... A public utility is a company that maintains the infrastructure for a public service. ...


Governments use different kinds of taxes and vary the tax rates. This is done to distribute the tax burden among individuals or classes of the population involved in taxable activities, such as business, or to redistribute resources between individuals or classes in the population. Historically, the nobility were supported by taxes on the poor; modern social security systems are intended to support the poor, the disabled, or the retired by taxes on those who are still working. In addition, taxes are applied to fund foreign and military aid, to influence the macroeconomic performance of the economy (the government's strategy for doing this is called its fiscal policy - see also tax exemption), or to modify patterns of consumption or employment within an economy, by making some classes of transaction more or less attractive. In economics, a business (also called firm or enterprise) is a legally recognized organizational entity designed to provide goods and/or services to consumers or corporate entities such as governments, charities or other businesses. ... Nobility is a traditional hereditary status (see hereditary titles) that exists today in many countries (mainly present or former monarchies). ... Social security primarily refers to social welfare service concerned with social protection, or protection against socially recognized conditions, including poverty, old age, disability, unemployment and others. ... Macroeconomics is the study of the entire economy in terms of the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the general behavior of prices. ... Fiscal policy is the economic term that defines the set of principles and decisions of a government in setting the level of public expenditure and how that expenditure is funded. ... A tax exemption is an exemption to the tax law of a state or nation in which part of the taxes that would normally be collected from an individual or an organization are instead foregone. ...


A nations tax system is often a reflection of its communal values or the values of those in power. To create a system of taxation, a nation must make choices regarding the distribution of the tax burden — who will pay taxes and how much they will pay — and how the taxes collected will be spent. In democratic nations where the public elects those in charge of establishing the tax system, these choices reflect the type of community which the public wishes to create. In countries where the public does not have a significant amount of influence over the system of taxation, that system may be more of a reflection on the values of those in power.


The resource collected from the public through taxation is always greater than the amount which can be used by the government. The difference is called compliance cost, and includes for example the labour cost and other expenses incurred in complying with tax laws and rules. The collection of a tax in order to spend it on a specified purpose, for example collecting a tax on alcohol to pay directly for alcoholism rehabilitation centres, is called hypothecation. This practice is often disliked by finance ministers, since it reduces their freedom of action. Some economic theorists consider the concept to be intellectually dishonest since (in reality) money is fungible. Furthermore, it often happens that taxes or excises initially levied to fund some specific government programs are then later diverted to the government general fund. In some cases, such taxes are collected in fundamentally inefficient ways, for example highway tolls. Hypothecation is a pledge of property as security for a debt without transfer of possession. ... The finance minister is a cabinet position in a government. ... Fungibility is the property of a good or a commodity whose individual units are capable of mutual substitution. ...


Some economists, especially neo-classical economists, argue that all taxation creates market distortion and results in economic inefficiency. They have therefore sought to identify the kind of tax system that would minimize this distortion. Also, one of every government's most fundamental duties is to administer possession and use of land in the geographic area over which it is sovereign, and it is considered economically efficient for government to recover for public purposes the additional value it creates by providing this unique service. Neoclassical economics is the grouping of a number of schools of thought in economics. ... A market distortion is a specific type of market failure brought about by deliberate government regulation which prevents economic agents from freely establishing a clearing price. ...


Since governments also resolve commercial disputes, especially in countries with common law, similar arguments are sometimes used to justify a sales tax or value added tax. Others (e.g. libertarians) argue that most or all forms of taxes are immoral due to their involuntary (and therefore eventually coercive/violent) nature. The most extreme anti-tax view is anarcho-capitalism, in which the provision of all social services should be a matter of voluntary private contracts. This article concerns the common-law legal system, as contrasted with the civil law legal system; for other meanings of the term, within the field of law, see common law (disambiguation). ... A sales tax is a consumption tax charged at the point of purchase for certain goods and services. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Gold standard Fiscal policy Spending   Deficit   Debt Policy-mix Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Regulation Banking Fractional-reserve Full-reserve   Free banking Islamic... This article is about the political philosophy based on private property rights. ... Anarcho-capitalism refers to an anti-statist philosophy that embraces capitalism as one of its foundational principles. ... A contract is a legally binding exchange of promises or agreement between parties that the law will enforce. ...


The Four "R"s

Taxation has four main purposes or effects: Revenue, Redistribution, Repricing, and Representation.[3]


The main purpose is revenue: taxes raise money to spend on roads, schools and hospitals, and on more indirect government functions like good regulation or justice systems. This is the most widely known function.[3] For the tax agency in Ireland of the same name, see Revenue Commissioners. ...


A second is redistribution. Normally, this means transferring wealth from the richer sections of society to poorer sections, and this function is widely accepted in most democracies, although the extent to which this should happen is always controversial.[3] To meet Wikipedias quality standards, this article or section may require cleanup. ... Democracy is a form of government under which the power to alter the laws and structures of government lies, ultimately, with the citizenry. ...


A third purpose of taxation is repricing. Taxes are levied to address externalities: tobacco is taxed, for example, to discourage smoking, and many people advocate policies such as implementing a carbon tax.[3] Shredded tobacco leaf for pipe smoking Tobacco can also be pressed into plugs and sliced into flakes Tobacco is an agricultural product processed from the fresh leaves of plants in the genus Nicotiana. ... A carbon tax is a tax on energy sources which emit carbon dioxide into the atmosphere. ...


A fourth, consequential effect of taxation in its historical setting has been representation.[3] The American revolutionary slogan "no taxation without representation" implied this: rulers tax citizens, and citizens demand accountability from their rulers as the other part of this bargain. Several studies have shown that direct taxation (such as income taxes) generates the greatest degree of accountability and better governance, while indirect taxation tends to have smaller effects.[4][5] In politics, representation describes how residents of a country are empowered in the government. ... The term direct tax has more than one meaning: a colloquial meaning and, in the United States, a constitutional law meaning. ... Accountability is a concept in ethics with several meanings. ... An indirect tax (such as sales tax, value added tax (VAT), or goods and services tax (GST)) is collected from the person who bears the tax by intermediaries and the proceeds passed on to government. ...


Proportional, progressive, and regressive

An important feature of tax systems is the percentage of the tax burden as it relates to income or consumption. The terms progressive, regressive, and proportional are used to describe the way the rate progresses from low to high, from high to low, or proportionally. The terms describe a distribution effect, which can be applied to any type of tax system (income or consumption) that meets the definition. A progressive tax is a tax imposed so that the effective tax rate increases as the amount to which the rate is applied increases. The opposite of a progressive tax is a regressive tax, where the effective tax rate decreases as the amount to which the rate is applied increases. In between is a proportional tax, where the effective tax rate is fixed as the amount to which the rate is applied increases. The terms can also be used to apply meaning to the taxation of select consumption, such as a tax on luxury goods and the exemption of basic necessities may be described as having progressive effects as it increases a tax burden on high end consumption and decreases a tax burden on low end consumption.[6][7][8] A flat tax, also called a proportional tax, is a system that taxes all entities in a class (typically either citizens or corporations) at the same rate (as a proportion of income), as opposed to a graduated, or progressive, scheme. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        A progressive tax is a tax imposed so that the effective... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        A regressive tax is a tax imposed so that the tax... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        A progressive tax is a tax imposed so that the effective... The effective tax rate is the amount of income tax an individual or firm pays divided by the individual or firms total taxable income. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        A regressive tax is a tax imposed so that the tax... A flat tax, also called a proportional tax, is a system that taxes all entities in a class (typically either citizens or corporations) at the same rate (as a proportion of income), as opposed to a graduated, or progressive, scheme. ...


Direct and indirect

Main articles: Direct tax and Indirect tax

Taxes are sometimes referred to as direct tax or indirect tax. The meaning of these terms can vary in different contexts, which can sometimes lead to confusion. In economics, direct taxes refer to those taxes that are collected from the people or organizations on whom they are ostensibly imposed. For example, income taxes are collected from the person who earns the income. By contrast, indirect taxes are collected from someone other than the person ostensibly responsible for paying the taxes. In law, the terms may have different meanings. In U.S. constitutional law, for instance, direct taxes refer to poll taxes and property taxes, which are based on simple existence or ownership. Indirect taxes are imposed on rights, privileges, and activities. Thus, a tax on the sale of property would be considered an indirect tax, whereas the tax on simply owning the property itself would be a direct tax. The distinction can be subtle between direct and indirect taxation, but can be important under the law. Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        The term direct tax has more than one meaning: a colloquial... The term indirect tax has more than one meaning. ... A poll tax, head tax, or capitation is a tax of a uniform, fixed amount per individual (as opposed to a percentage of income). ... Property tax, millage tax is an ad valorem tax that an owner of real estate or other property pays on the value of the property being taxed. ...


Tax burden

Main article: Tax incidence
Diagram illustrating taxes effect
Diagram illustrating taxes effect

Law establishes from whom a tax is collected. In many countries, taxes are imposed on business (such as corporate taxes or portions of payroll taxes). However, who ultimately pays the tax (the tax "burden") is determined by the marketplace as taxes become embedded into production costs. Depending on how quantities supplied and demanded vary with price (the "elasticities" of supply and demand), a tax can be absorbed by the seller (in the form of lower pre-tax prices), or by the buyer (in the form of higher post-tax prices). If the elasticity of supply is low, more of the tax will be paid by the supplier. If the elasticity of demand is low, more will be paid by the customer. And contrariwise for the cases where those elasticities are high. If the seller is a competitive firm, the tax burden flows back to the factors of production depending on the elasticities thereof; this includes workers (in the form of lower wages), capital investors (in the form of loss to shareholders), landowners (in the form of lower rents) and entrepreneurs (in the form of lower wages of superintendence). First discussed by the Physiocrats in France, tax incidence is the analysis of the effect of a particular tax on the distribution of economic welfare. ... A diagram showing the effect of a per unit tax on the standard supply and demand diagram. ... A diagram showing the effect of a per unit tax on the standard supply and demand diagram. ... Corporate tax refers to a direct tax levied by various jurisdictions on the profits made by companies or associations. ... This article is the current Taxation Collaboration of the Month. ... Taxes and subsidies have the effect of shifting the quantity and price of goods. ... In economics, factors of production are resources used in the production of goods and services, including land, labor, and capital. ...


To illustrate this relationship, suppose the market price of a product is US$1.00, and that a $0.50 tax is imposed on the product that, by law, is to be collected from the seller. If the product is a luxury (in the economic sense of the term), a greater portion of the tax will be absorbed by the seller.[citation needed] For example, the seller might drop the price of the product to $0.70 so that, after adding in the tax, the buyer pays a total of $1.20, or $0.20 more than he did before the $0.50 tax was imposed. In this example, the buyer has paid $0.20 of the $0.50 tax (in the form of a post-tax price) and the seller has paid the remaining $0.30 (in the form of a lower pre-tax price).[9] USD redirects here. ...


Morality

According to many political views, activities funded by taxes can be beneficial to society and progressive taxation can be used in modern nation-states to the benefit of the majority of the population and social development.[10] Most arguments about taxation revolve around the degree and method of taxation and associated government spending, not taxation itself.[citation needed] Politics is the process by which decisions are made within groups. ... Young people interacting within an ethnically diverse society. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        A progressive tax is a tax imposed so that the effective... For other meanings of development used in and outside social sciences, see development. ... Government spending or government expenditure consists of government purchases, which can be financed by seigniorage (the creation of money for government funding, at a heavy price of high inflation and other possibly devastating consequences), taxes, or government borrowing. ...


Some people, however, argue that compulsory taxation itself is inherently immoral, as it is the theft of property by the government since people are forced to pay.[11] These include objectivists[citation needed], anarcho-capitalists and classical liberals[citation needed]. Morality is a complex of principles based on cultural, religious, and philosophical concepts and beliefs, by which an individual determines whether his or her actions are right or wrong. ... Objectivism is the philosophy developed by Russian-born American philosopher and author Ayn Rand. ... Anarcho-capitalism refers to an anti-statist philosophy that embraces capitalism as one of its foundational principles. ... Classical liberalism (also known as traditional liberalism[1] and laissez-faire liberalism[2]) is a doctrine stressing the importance of human rationality, individual property rights, natural rights, the protection of civil liberties, constitutional limitations of government, free markets, and individual freedom from restraint as exemplified in the writings of Adam...


Government theft

Because payment of tax is usually compulsory and enforced by the police and justice system, some capitalist political philosophies view taxation by force as institutionalized violence equivalent to theft, accusing the government of levying taxes via coercive means. Individualist anarchists, objectivists, anarcho-capitalists, and some libertarians see taxation as government aggression (see Zero Aggression Principle). The libertarian writer Jason C. Reeher echoed the sentiments of Murray Rothbard on these grounds; in criticizing his local school district's relatively small property tax increase, Reeher said that "(t)he thief who steals the least is still a thief."[verification needed] Under this view, taxes are paid individually and therefore, to be considered voluntary, in any meaningful way, should be levied only with the consent of the individual. Some libertarians[who?] recommend a minimal level of taxation in order to maximize the protection of liberty, while others prefer market alternatives such as private defense agencies, arbitration agencies or voluntary contributions. Others claim that the examples where taxation and the state function of civil protection has collapsed and replaced by private defense agencies (such as in countries like Somalia), the results have been largely positive.[12] For other uses, see Capitalism (disambiguation). ... The Elections and Parties Series Democracy Liberal democracy History of democracy Referenda Representative democracy Representation Voting Voting systems Elections Elections by country Elections by calender Electoral systems Politics Politics by country Political campaigns Political science Political philosophy Related topics Political parties Parties by country Parties by name Parties by ideology... A young waif steals a pair of boots Stealing redirects here. ... Coercion is the practice of compelling a person to act by employing threat of force. ... Theory and practice Issues History Culture By region Lists Related Anarchism Portal Politics Portal ·        Individualist anarchism (also anarchist individualism, anarcho-individualism, individualistic anarchism) refers to any of several traditions that hold that individual conscience and the pursuit of self-interest should not be constrained by any collective body or public... This article is about the philosophy of Ayn Rand. ... Anarcho-capitalism refers to an anti-statist philosophy that embraces capitalism as one of its foundational principles. ... See also Libertarianism and Libertarian Party Libertarian,is a term for person who has made a conscious and principled commitment, evidenced by a statement or Pledge, to forswear violating others rights and usually living in voluntary communities: thus in law no longer subject to government supervision. ... The Zero Aggression Principle (or ZAP) is a personal philosophy designed to allow individuals to self-govern their interactions with other individuals. ... Murray Newton Rothbard (March 2, 1926 – January 7, 1995) was an influential American economist, historian and natural law theorist belonging to the Austrian School of Economics who helped define modern libertarianism. ... Property tax, millage tax is an ad valorem tax that an owner of real estate or other property pays on the value of the property being taxed. ... For other uses, see Liberty (disambiguation). ... Look up Market in Wiktionary, the free dictionary. ... A private defense agency (PDA) is a hypothetical agency that provides defense voluntarily through the free market. ... Arbitration is a legal technique for the resolution of disputes outside the courts, wherein the parties to a dispute refer it to one or more persons (the arbitrators or arbitral tribunal), by whose decision (the award) they agree to be bound. ...


Democratic defense

One counter-argument is that in a democracy, because the government is the party performing the act of imposing taxes, society as a whole decides how the tax system should be organised. The American Revolution's "No taxation without representation" slogan implied this view. The same argument could be made from a monarchist perspective: since the King embodies the nation, the nation as a whole decides how the tax system should be organised. Similar arguments can be made to justify taxation under any form of government, including dictatorships and oligarchies. John Trumbulls Declaration of Independence, showing the five-man committee in charge of drafting the Declaration in 1776 as it presents its work to the Second Continental Congress in Philadelphia The American Revolution refers to the period during the last half of the 18th century in which the Thirteen... No taxation without representation was a slogan in the period 1763–1776 that summarized a primary grievance of the American colonists in the thirteen American colonies. ...


According to Ludwig von Mises, "society as a whole" should not make such decisions, due to methodological individualism.[13] Under this view, the moral stature of an act, such as enslavement or theft is not contingent upon its legality or popularity, but rather its morality. Thomas Jefferson argued that, "A direct democracy is nothing more than mob rule, where fifty-one percent of the people may take away the rights of the other forty-nine."[14] Ludwig Heinrich Edler von Mises (September 29, 1881 – October 10, 1973) (pronounced was a notable economist and a major influence on the modern libertarian movement. ... Methodological individualism is a philosophical orientation toward explaining broad society-wide developments as the accumulation of decisions by individuals. ... Slave redirects here. ... The Principle of Legality is a legal ideal that requires all law to be clear, ascertainable and non-retrospective. ... Look up popularity in Wiktionary, the free dictionary. ... Thomas Jefferson (13 April 1743 N.S.–4 July 1826) was the third President of the United States (1801–09), the principal author of the Declaration of Independence (1776), and one of the most influential Founding Fathers for his promotion of the ideals of Republicanism in the United States. ... For other uses, see Direct. ... Ochlocracy (Greek: οχλοκρατια; Latin: ochlocratia) is government by mob or a mass of people, or the intimidation of constitutional authorities. ...


Land Tax defense

Advocates of land value taxation argue that sovereign rights over the products of labour and capital do not apply to land. John Locke wrote in Essay on Civil Government (1690) that: "When the sacredness of property is talked of, it should be remembered that any such sacredness does not belong in the same degree to landed property." Henry George elaborated this to claim: "Here are two simple principles, both of which are self-evident: I.—That all men have equal rights to the use and enjoyment of the elements provided by Nature. II.—That each man has an exclusive right to the use and enjoyment of what is produced by his own labor" (Protection or Free Trade, 1886). Land Value Taxation (LVT) is the policy of raising state revenues by charging each landholder a portion of the assessed site-only value of the unimproved land. ... For other persons named John Locke, see John Locke (disambiguation). ... Henry George Henry George (September 2, 1839 – October 29, 1897) was an American political economist and the most influential proponent of the Single Tax on land. ...


Justification

Defenders of taxation argue that taxation of business is justified on the grounds that the commercial activity necessarily involves use of publicly established and maintained economic infrastructure, and that businesses are in effect charged for this use.[citation needed] Compulsory taxation of individuals, such as income tax, is argued to be justified on similar grounds, including territorial sovereignty, and the social contract. A libertarian response is that government services used by people are either already paid for directly or are services that ought to be provided by a free market. Such taxes, they argue, are a way for the rulers to exploit the people. In economics, a business (also called firm or enterprise) is a legally recognized organizational entity designed to provide goods and/or services to consumers or corporate entities such as governments, charities or other businesses. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        An income tax is a tax levied on the financial income... “Sovereign” redirects here. ... John Lockes writings on the Social Contract were particularly influential among the American Founding Fathers. ...


History

Taxation levels

Egyptian peasants seized for non-payment of taxes. (Pyramid Age)
Egyptian peasants seized for non-payment of taxes. (Pyramid Age)

The first known system of taxation was in Ancient Egypt around 3000 BC - 2800 BC in the first dynasty of the Old Kingdom.[15] Records from the time document that the pharaoh would conduct a biennial tour of the kingdom, collecting tax revenues from the people. Early taxation is also described in the Bible. In Genesis (chapter 47, verse 24 - the New International Version), it states "But when the crop comes in, give a fifth of it to Pharaoh. The other four-fifths you may keep as seed for the fields and as food for yourselves and your households and your children." Joseph was telling the people of Egypt how to divide their crop, providing a portion to the Pharaoh. A share (20%) of the crop was the tax. Image File history File links Size of this preview: 800 × 304 pixelsFull resolution (1248 × 474 pixel, file size: 20 KB, MIME type: image/png) File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... Image File history File links Size of this preview: 800 × 304 pixelsFull resolution (1248 × 474 pixel, file size: 20 KB, MIME type: image/png) File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... The pyramids are the most recognizable symbols of the civilization of ancient Egypt. ... // Ceremonial temple butcher knife made of flint, with the Horus name of the pharaoh Djer inscribed on its gold handle. ... For other uses, see Bible (disambiguation). ... For other uses, see Genesis (disambiguation). ... The New International Version (NIV) is an English translation of the Christian Bible which is the most popular of the modern translations of the Bible made in the twentieth century. ... For other uses, see Pharaoh (disambiguation). ... Joseph interprets the dream of the Pharaoh. ...


In India, Islamic rulers imposed jizya starting in the 11th century. It was abolished by Akbar. Quite a few records of government tax collection in Europe since at least the 17th century are still available today. But taxation levels are hard to compare to the size and flow of the economy since production numbers are not as readily available. Government expenditures and revenue in France during the 17th century went from about 24.30 million livres in 1600-10 to about 126.86 million livres in 1650-59 to about 117.99 million livres in 1700-10 when government debt had reached 1.6 billion livres. In 1780-89 it reached 421.50 million livres. [16] Taxation as a percentage of production of final goods may have reached 15% - 20% during the 17th century in places like France, the Netherlands, and Scandinavia. During the war-filled years of the eighteenth and early nineteenth century, tax rates in Europe increased dramatically as war became more expensive and governments became more centralized and adept at gathering taxes. This increase was greatest in England, Peter Mathias and Patrick O'Brien found that the tax burden increased by 85% over this period. Another study confirmed this number, finding that per capita tax revenues had grown almost sixfold over the eighteenth century, but that steady economic growth had made the real burden on each individual only double over this period before the industrial revolution. Average tax rates were higher in Britain than France the years before the French Revolution, twice in per capita income comparison, but they were mostly placed on international trade. In France, taxes were lower but the burden was mainly on landowners, individuals, and internal trade and thus created far more resentment.[17] In states ruled by Islamic law, jizya or jizyah (Arabic: جزْية; Ottoman Turkish: cizye) is a per capita tax imposed on able bodied non-Muslim men of military age. ... This article needs additional references or sources for verification. ... The livre tournois (or Tournoise pound) was a currency used in France, named after the town of Tours, in which it was minted. ... For other uses, see Scandinavia (disambiguation). ... Patrick OBrien is an economic historian. ... The effective tax rate is the amount of income tax an individual or firm pays divided by the individual or firms total taxable income. ... The French Revolution (1789–1815) was a period of political and social upheaval in the political history of France and Europe as a whole, during which the French governmental structure, previously an absolute monarchy with feudal privileges for the aristocracy and Catholic clergy, underwent radical change to forms based on...


Taxation as a percentage of GDP in 2003 was 56.1% in Denmark, 54.5% in France, 49.0% in the Euro area, 42.6% in the United Kingdom, 35.7% in the United States, 35.2% in The Republic of Ireland, and among all OECD members an average of 40.7%.[18][19] For other uses, see Euro (disambiguation). ...


Forms of taxation

In monetary economies prior to fiat banking, a critical form of taxation was seigniorage, the tax on the creation of money. Seigniorage, also spelled seignorage or seigneurage, is the net revenue derived from the issuing of currency. ...


Other obsolete forms of taxation include:

  • Scutage - paid in lieu of military service; strictly speaking a commutation of a non-tax obligation rather than a tax as such, but functioning as a tax in practice
  • Tallage - a tax on feudal dependents
  • Tithe - a tax-like payment (one tenth of one's earnings or agricultural produce), paid to the Church (and thus too specific to be a tax in strict technical terms). This should not be confused with the modern practice of the same name which is normally voluntary, although churches have sought it forcefully at times.
  • Aids - During feudal times a feudal aid was a type of tax or due paid by a vassal to his lord.
  • Danegeld - medieval land tax originally raised to pay off raiding Danes and later used to fund military expenditures.
  • Carucage - tax which replaced the danegeld in England.
  • Tax Farming - the principle of assigning the responsibility for tax revenue collection to private citizens or groups.

Some principalities taxed windows, doors, or cabinets to reduce consumption of imported glass and hardware. Armoires, hutches, and wardrobes were employed to evade taxes on doors and cabinets. In extraordinary circumstances, taxes are also used to enforce public policy like congestion charge (to cut road traffic and encourage public transport) in London. In Tsarist Russia, taxes were clamped on beards. Today, one of the most complicated taxation-systems worldwide is in Germany. Three quarters of the world's taxation-literature refers to the German system. There are 118 laws, 185 forms, and 96,000 regulations, spending 3.7 billion to collect the income tax. Today, governments of advanced economies of EU, North America, and others rely more on direct taxes, while those of developing economies of India, Africa, and others rely more on indirect taxes. The tax of scutage or escuage in the law of England involved the pecuniary commutation, under the feudal system, of the military service due from the holder of a knights fee. ... Tallage or talliage (from the French a part cut out of the whole) appears to have signified at first a tax in general, but became afterwards confined in England to a special form of tax: the assessment upon cities, boroughs, and royal domains. ... A tithe (from Old English teogoþa tenth) is a one-tenth part of something, paid as a (usually) voluntary contribution or as a tax or levy, usually to support a Jewish or Christian religious organization. ... The Danegeld was an English tribute raised to pay off Viking raiders (usually led by the Danish king) to save the land from being ravaged by the raiders. ... Tax farming was originally a Roman practise whereby the burden of tax collection was removed from the Roman State to private individuals or groups. ... For other uses, see Euro (disambiguation). ...


Tax rates

Main article: Tax rate

Taxes are most often levied as a percentage, called the tax rate. An important distinction when talking about tax rates is to distinguish between the marginal rate and the effective (average) rate. The effective rate is the total tax paid divided by the total amount the tax is paid on, while the marginal rate is the rate paid on the next dollar of income earned. For example, if income is taxed on a formula of 5% from $0 up to $50,000, 10% from $50,000 to $100,000, and 15% over $100,000, a taxpayer with income of $175,000 would pay a total of $18,750 in taxes. A tax (also known as a dutyor Zakat in islamic economics) is a charge or other levy imposed on an individual or a legal entity by a state or a functional equivalent of a state (e. ...

Tax calculation
((0.05*50,000) + (0.10*50,000) + (0.15*75,000)) = 18,750
The "effective rate" would be 10.7%:
(18,750/175,000) = 0.107
The "marginal rate" would be 15%.

Deadweight costs of taxation

For goods supplied in a perfectly competitive market, tax reduces economic efficiency, by introducing a deadweight loss. In a perfect market, the price of a particular economic good adjusts to make sure that all trades which benefit both the buyer and the seller of a good occur. After introducing a tax, the price received by the seller is less than the cost to the buyer. This means that fewer trades occur and that the individuals or businesses involved gain less from participating in the market. This destroys value, and is known as the 'deadweight cost of taxation'. Perfect competition is an economic model that describes a hypothetical market form in which no producer or consumer has the market power to influence prices. ... There are several measures of economic efficiency: Pareto efficiency Kaldor-Hicks efficiency X-efficiency Allocative efficiency For applications of these principles see: Efficient market hypothesis Welfare economics Production theory basics See also Business efficiency Inefficiency ... In economics, a deadweight loss (also known as excess burden) is a permanent loss of well being to society that can occur when equilibrium for a good or service is not Pareto optimal, (that at least one individual could be made better off without others being made worse off). ... In economics and business, the price is the assigned numerical monetary value of a good, service or asset. ... A good in economics is anything that increases utility. ...


The deadweight cost is dependent on the elasticity of supply and demand for a good. In economics, elasticity is the ratio of the proportionate change in one variable with respect to proportional change in another variable, such as the responsiveness of the price of a commodity to changes in market demand or visa-versa. ...


Most taxes — including income tax and sales tax — can have significant deadweight costs. The only way to avoid deadweight costs in an economy which is generally competitive is to find taxes which do not change economic incentives, such as the Land value tax[20], where the tax is on a good in completely inelastic supply, or a lump sum tax. To do so is very difficult: the closest approximations are a poll tax paid by all adults regardless of their choices, or a windfall tax which is entirely unanticipated and so cannot affect decisions. Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        An income tax is a tax levied on the financial income... A sales tax is a consumption tax charged at the point of purchase for certain goods and services. ... Land value taxation (LVT), or site value taxation, is the policy of raising state revenues by charging each landholder a portion of the value of a site or parcel of land that would exist even if that site had no improvements. ... A poll tax, head tax, or capitation is a tax of a uniform, fixed amount per individual (as opposed to a percentage of income). ... In the United Kingdom, the Windfall Tax was a tax levied on privatised utility companies. ...


Double dividend taxes

In some cases where the economy is not perfectly competitive, the existence of a tax can increase economic efficiency. If there is a negative externality associated with a good, meaning that it has negative effects not felt by the consumer, then the free market will trade too much of that good. By putting a tax on the good, the government can increase overall welfare as well as raising revenue in taxation. This is known as a 'double dividend'. An externality occurs in economics when a decision (for example, to pollute the atmosphere) causes costs or benefits to individuals or groups other than the person making the decision. ...


There are a wide range of goods where there is, or is claimed to be, a negative externality. Polluting fuels (like petrol), goods which incur public healthcare costs (such as alcohol or tobacco), and charges for existing 'free' public goods (like congestion charging) all offer the possibility of a double dividend. This type of tax is a Pigovian tax, sometimes colloquially known as a 'sin tax'. It is worthwhile noting that taxation is not necessarily the only, or the best, method of dealing with negative externalities. Gasoline, as it is known in North America, or petrol, in many Commonwealth countries (sometimes also called motor spirit) is a petroleum-derived liquid mixture consisting primarily of hydrocarbons, used as fuel in internal combustion engines. ... This article does not cite any references or sources. ... Shredded tobacco leaf for pipe smoking Tobacco can also be pressed into plugs and sliced into flakes Tobacco is an agricultural product processed from the fresh leaves of plants in the genus Nicotiana. ... Road pricing is a generic term for charging for the use of roads using direct methods, charging the users of a specific section of the road network for its use. ... A Pigovian tax is a tax levied to correct the negative externalities of an activity. ... A Sin tax is a euphemism for a tax specifically levied on certain generally socially-proscribed goods - usually alcohol and tobacco. ...


Optimal taxation theory

Most governments need revenue which exceeds that which can be provided by non-distortionary taxes or through taxes which give a double dividend. Optimal taxation theory is the branch of economics that considers how taxes can be structured to give the least deadweight costs, or to give the best outcomes in terms of social welfare. ...


Ramsey optimal taxation deals with minimising deadweight costs. Because deadweight costs are related to the elasticity of supply and demand for a good, it follows that putting the highest tax rates on the goods for which there is most inelastic supply and demand will result in the least overall deadweight costs. In economics, elasticity is the ratio of the proportionate change in one variable with respect to proportional change in another variable, such as the responsiveness of the price of a commodity to changes in market demand or visa-versa. ...


Some economists have sought to integrate optimal tax theory with the social welfare function, which is the economic expression of the idea that equality is valuable to a greater or lesser extent. If individuals experience diminishing returns from income, then the optimum distribution of income for society involves a progressive income tax. Mirrlees optimal income tax is a detailed theoretical model of the optimum progressive income tax along these lines. A social welfare function, in welfare economics, is a function which gives a measure of the material welfare of society, given a number of economic variables as inputs. ... In economics, diminishing returns is the short form of diminishing marginal returns. ...


Over the last years the validity of the theory of optimal taxation was discussed by many political economists. Canegrati (2007) demonstrated that if we move from the assumption that governments do not maximise the welfare of society but the probability of winning elections, in equilibrium tax rates are lower for the most powerful groups of society (and not for the poorest as in the optimal theory of direct taxation developed by Atkinson and Stiglitz). Atkinson may refer to: In Canada: Atkinson, Nova Scotia Atkinson Point, Northwest Territories Atkinson, Ontario In the United States of America: Atkinson, Illinois Atkinson, Indiana Atkinson, Maine Atkinson, Nebraska Atkinson, New Hampshire Atkinson, North Carolina In Dominica: Atkinson, Dominica, a village in the Carib Reserve Atkinson Film-Arts, a Canadian... Joseph Stiglitz (born February 9, 1943) is an American economist, author and winner of The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel (2001). ...


Transparency and simplicity

Another concern is that the complicated tax codes of developed economies offer perverse economic incentives. The more details of tax policy there are, the more opportunities for legal tax avoidance and illegal tax evasion; these not only result in lost revenue, but involve additional deadweight costs: for instance, payments made for tax advice are essentially deadweight costs because they add no wealth to the economy. Perverse incentives also occur because of non-taxable 'hidden' transactions; for instance, a sale from one company to another might be liable for sales tax, but if the same goods were shipped from one branch of a corporation to another, no tax would be payable. This article contrasts tax evasion, tax avoidance and tax mitigation. ... This article contrasts tax evasion, tax avoidance, tax resistance and tax mitigation. ... A sales tax is a consumption tax charged at the point of purchase for certain goods and services. ...


To address these issues, economists often suggest simple and transparent tax structures which avoid providing loopholes. Sales tax, for instance, can be replaced with a value added tax which disregards intermediate transactions. Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Gold standard Fiscal policy Spending   Deficit   Debt Policy-mix Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Regulation Banking Fractional-reserve Full-reserve   Free banking Islamic...


Economics of tax incidence

Economic theory suggests that the economic effect of tax does not necessarily fall at the point where it is legally levied. For instance, a tax on employment paid by employers will impact on the employee, at least in the long run. The greatest share of the tax burden tends to fall on the most inelastic factor involved - the part of the transaction which is affected least by a change in price. So, for instance, a tax on wages in a town will (at least in the long run) affect property-owners in that area.


Costs of compliance

Although governments must spend money on tax collection activities, some of the costs, particularly for keeping records and filling out forms, are borne by businesses and by private individuals. These are collectively called costs of compliance. More complex tax systems tend to have higher costs of compliance. This fact can be used as the basis for practical or moral arguments in favor of tax simplification (see, for example, FairTax), or tax elimination (in addition to moral arguments described above). Throughout this article, the unqualified term dollar and the $ symbol refer to the United States dollar. ...


Kinds of taxes

The Organisation for Economic Co-operation and Development (OECD) publishes perhaps the most comprehensive analysis of worldwide tax systems. In order to do this it has created a comprehensive categorisation of all taxes in all regimes which it covers:[21] The Organisation for Economic Co-operation and Development (OECD), (in French: Organisation de coopération et de développement économiques; OCDE) is an international organisation of thirty countries that accept the principles of representative democracy and a free market economy. ...


Ad valorem

Main article: Ad valorem

An ad valorem tax is one where the tax base is the value of a good, service, or property. Sales taxes, tariffs, property taxes, inheritance taxes, and value added taxes are different types of ad valorem tax. An ad valorem tax is typically imposed at the time of a transaction (sales tax or value added tax (VAT)) but it may be imposed on an annual basis (property tax) or in connection with another significant event (inheritance tax or tariffs). An alternative to ad valorem taxation is an excise tax, where the tax base is the quantity of something, regardless of its price. For example, in the United Kingdom, a tax is collected on the sale of alcoholic drinks that is calculated by volume and beverage type, rather than the price of the drink. An Ad valorem tax is a tax based on the assessed value of real estate or personal property. ...


Environment Affecting Tax

This includes natural resources consumption tax, GreenHouse gas tax (Carbon tax, "sulfuric tax", etc), and others. see Ecotax, Gas-guzzler, and Polluter pays principle for more information. Natural resources consumption tax is a kind of tax to help to ensure the long run sustainability by making people be more aware of the natural resources consumption. ... A carbon tax is a tax on energy sources which emit carbon dioxide into the atmosphere. ... Ecotax, short for Ecological taxation, can refer to: A fiscal policy that introduces taxes intended to promote ecologically sustainable activities via economic incentives. ... A Gas-guzzler commonly refers to a vehicle that gets poor fuel economy. ... It has been suggested that Polluter Pays be merged into this article or section. ...


Capital gains tax

Main article: Capital gains tax

A capital gains tax is the tax levied on the profit released upon the sale of a capital asset. In many cases, the amount of a capital gain is treated as income and subject to the marginal rate of income tax. However, in an inflationary environment, capital gains may be to some extent illusory: if prices in general have doubled in five years, then selling an asset for twice the price it was purchased for five years earlier represents no gain at all. Partly to compensate for such changes in the value of money over time, some jurisdictions, such as the United States, give a favorable capital gains tax rate based on the length of holding. European jurisdictions have a similar rate reduction to nil on certain property transactions that qualify for the participation exemption. In Canada, 50% of the gain is taxable income. In India, Short Term Capital Gains Tax (arising before 1 year) is 10% flat rate of the gains and Long Term Capital Gains Tax is nil for stocks & mutual fund units held 1 year or more and 20% for any other assets held 3 years or more. If such a tax is levied on inherited property, it can act as a de facto probate or inheritance tax. For all other forms of taxation, see tax Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        A capital gains... In finance, a capital gain is profit that results from the appreciation of a capital asset over its purchase price. ...


Consumption tax

Main article: Consumption tax

A consumption tax is a tax on non-investment spending, and can be implemented by means of a sales tax or by modifying an income tax to allow for unlimited deductions for investment or savings. A consumption tax is a tax on the purchase of a good or service. ...


Corporation tax

Main article: Corporate tax

Corporate tax refers to a direct tax levied by various jurisdictions on the profits made by companies or associations and often includes capital gains of a company. Earnings are generally considered gross revenue less expenses. Corporate expenses that relate to capital expenditures are usually deducted in full (for example, trucks are fully deductible in the Canadian tax system, while a corporate sports car is only partly deductible). They are often deducted over the useful life of the asset purchase. Notably, accounting rules about deductible expenses and tax rules about deductible expense will differ at times, giving rise to book-tax differences. If the book-tax difference is carried over more than a year, it is referred to as a temporary difference, which then creates deferred tax assets and liabilities for the corporation, which are carried on the balance sheet. Corporate tax refers to a direct tax levied by various jurisdictions on the profits made by companies or associations. ... The term company may refer to a separate legal entity, as in English law, or may simply refer to a business, as is the common use in the United States. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Deferred tax is an accounting term, meaning future tax liability or... This article needs additional references or sources for verification. ...

See also: Excess profits tax, Windfall profits tax

An excess profits tax is a tax on any profit above a certain amount. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        A windfall profits tax is a tax on profits that ensue...

Excises

Main article: Excise

Unlike an ad valorem, an excise is not a function of the value of the product being taxed. Excise taxes are based on the quantity, not the value, of product purchased. For example, in the United States, the Federal government imposes an excise tax of 18.4 cents per US gallon (4.86¢/L) of gasoline, while state governments levy an additional 8 to 28 cents per US gallon. Excises on particular commodities are frequently hypothecated. For example, a fuel excise (use tax) is often used to pay for public transportation, especially roads and bridges and for the protection of the environment. A special form of hypothecation arises where an excise is used to compensate a party to a transaction for alleged uncontrollable abuse; for example, a blank media tax is a tax on recordable media such as CD-Rs, whose proceeds are typically allocated to copyright holders. Critics charge that such taxes blindly tax those who make legitimate and illegitimate usages of the products; for instance, a person or corporation using CD-R's for data archival should not have to subsidize the producers of popular music. Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Excise tax, sometimes called an excise duty, is a type of... Hypothecation (literally: hypothetical dedication) is a treatment and possible justification for government taxation or expenditure. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Gold standard Fiscal policy Spending   Deficit   Debt Policy-mix Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Regulation Banking Fractional-reserve Full-reserve   Free banking Islamic... Tax rates around the world Tax revenue as % of GDP Part of the Taxation series        A use tax is a type of excise tax levied in the United States. ... Mass transit redirects here. ... For other uses, see Road (disambiguation). ... This article is about the structure. ... A blank media tax (or blank media levy) is a government-mandated scheme in which a special tax or levy (additional to any general sales tax) is charged on purchases of recordable media. ... This article does not cite any references or sources. ... Not to be confused with copywriting. ...


Excises (or exemptions from them) are also used to modify consumption patterns (social engineering). For example, a high excise is used to discourage alcohol consumption, relative to other goods. This may be combined with hypothecation if the proceeds are then used to pay for the costs of treating illness caused by alcohol abuse. Similar taxes may exist on tobacco, pornography, etc., and they may be collectively referred to as "sin taxes". A carbon tax is a tax on the consumption of carbon-based non-renewable fuels, such as petrol, diesel-fuel, jet fuels, and natural gas. The object is to reduce the release of carbon into the atmosphere. In the United Kingdom, vehicle excise duty is an annual tax on vehicle ownership. Social engineering is a concept in political science that refers to efforts to systematically manage popular attitudes and social behavior on a large scale, whether by governments or private groups. ... Booze redirects here. ... Shredded tobacco leaf for pipe smoking Tobacco can also be pressed into plugs and sliced into flakes Tobacco is an agricultural product processed from the fresh leaves of plants in the genus Nicotiana. ... Porn redirects here. ... A Sin tax is a euphemism for a tax specifically levied on certain generally socially-proscribed goods - usually alcohol and tobacco. ... A carbon tax is a tax on energy sources which emit carbon dioxide into the atmosphere. ... A UK vehicle licence (tax disc) In the United Kingdom, Vehicle Excise Duty (VED) (often known as road tax, although it is not hypothecated for spending on roads, and before 1936 as road fund licence) is an annual tax on the use of motor vehicles on the public roads. ...


Income tax

Main article: Income Tax
Income Tax rates by Country based on OECD 2005 data.
Income Tax rates by Country based on OECD 2005 data.[22]

An income tax is a tax levied on the financial income of persons, corporations, or other legal entities. Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate tax, corporate income tax, or corporation tax. Individual income taxes often tax the total income of the individual (with some deductions permitted), while corporate income taxes often tax net income (the difference between gross receipts, expenses, and additional write-offs). Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        An income tax is a tax levied on the financial income... Image File history File links Income_Taxes_By_Country. ... Image File history File links Income_Taxes_By_Country. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        An income tax is a tax levied on the financial income... The Organization for Economic Co-operation and Development (OECD) is an international organization of those developed countries that accept the principles of representative democracy and a free market economy. ... Income, generally defined, is the money that is received as a result of the normal business activities of an individual or a business. ... First discussed by the Physiocrats in France, tax incidence is the analysis of the effect of a particular tax on the distribution of economic welfare. ... Corporate tax refers to a direct tax levied by various jurisdictions on the profits made by companies or associations. ...


The "tax net" refers to the types of payment that are taxed, which included personal earnings (wages), capital gains, and business income. The rates for different types of income may vary and some may not be taxed at all. Capital gains may be taxed when realized (e.g. when shares are sold) or when incurred (e.g. when shares appreciate in value). Business income may only be taxed if it is significant or based on the manner in which it is paid. Some types of income, such as interest on bank savings, may be considered as personal earnings (similar to wages) or as a realized property gain (similar to selling shares). In some tax systems, personal earnings may be strictly defined where labor, skill, or investment is required (e.g. wages); in others, they may be defined broadly to include windfalls (e.g. gambling wins). A wage is the amount of money paid for some specified quantity of labour. ... In finance, a capital gain is profit that results from the appreciation of a capital asset over its purchase price. ...


Personal income tax is often collected on a pay-as-you-earn basis, with small corrections made soon after the end of the tax year. These corrections take one of two forms: payments to the government, for taxpayers who have not paid enough during the tax year; and tax refunds from the government for those who have overpaid. Income tax systems will often have deductions available that lessen the total tax liability by reducing total taxable income. They may allow losses from one type of income to be counted against another. For example, a loss on the stock market may be deducted against taxes paid on wages. Other tax systems may isolate the loss, such that business losses can only be deducted against business tax by carrying forward the loss to later tax years. PAYE (or pay-as-you-earn) is a payroll deduction system for collecting income tax in the United Kingdom. ... A fiscal year or financial year is a 12-month period used for calculating annual (yearly) financial reports in businesses and other organizations. ... A tax is an involuntary fee paid by individuals or businesses to a government. ... In the United States, taxpayers will get a tax refund, a refund on their U.S. income tax, if the tax they owe is less than the sum of: The total amount of refundable tax credits that they claim. ...


Inheritance tax

Main article: Inheritance tax

Inheritance tax, estate tax, and death tax or duty are the names given to various taxes which arise on the death of an individual. In United States tax law, there is a distinction between an estate tax and an inheritance tax: the former taxes the personal representatives of the deceased, while the latter taxes the beneficiaries of the estate. However, this distinction does not apply in other jurisdictions; for example, if using this terminology UK inheritance tax would be an estate tax. The examples and perspective in this article or section may not represent a worldwide view. ...

See also: Allodial, Pigovian tax, Estate tax (United States), Inheritance Tax (United Kingdom).

Allodial land, or allodium, is literally land which has no lord. ... A Pigovian tax is a tax levied to correct the negative externalities of an activity. ... Estate tax is a form of tax imposed in the United States upon the transfer of the property of the estate of a deceased person that is left to a living person or organization. ... Tax rates around the world Tax revenue as % of GDP Part of the Taxation series        In the United Kingdom, Inheritance Tax was first introduced as a tax on estates in England and Wales over a certain value from 1796, then called legacy, succession and estate duties. ...

Poll tax

Main article: Poll tax

A poll tax, also called a per capita tax, or capitation tax, is a tax that levies a set amount per individual. One of the earliest taxes mentioned in the Bible of a half-shekel per annum from each adult Jew (Ex. 30:11-16) was a form of poll tax. Poll taxes are administratively cheap because they are easy to compute and collect and difficult to cheat. Economists have considered poll taxes economically efficient because people are presumed to be in fixed supply. However, poll taxes are very unpopular because poorer people pay a higher proportion of their income than richer people. In addition, the supply of people is in fact not fixed over time: on average, couples will choose to have fewer children if a poll tax is imposed[citation needed]. The introduction of a poll tax in medieval England was the primary cause of the 1381 Peasants' Revolt, and in England and Wales in 1990 the change from a progressive local taxation based on property values to a single-rate form of taxation regardless of ability to pay (the Community Charge, but more popularly referred to as the Poll Tax). A poll tax, head tax, or capitation is a tax of a uniform, fixed amount per individual (as opposed to a percentage of income). ... For other uses, see Bible (disambiguation). ... The end of the revolt: Wat Tyler killed by Walworth while Richard II watches, and a second image of Richard addressing the crowd The Peasants Revolt, Tyler’s Rebellion, or the Great Rising of 1381 was one of a number of popular revolts in late medieval Europe and is a... A poll tax, head tax, or capitation is a tax of a uniform, fixed amount per individual (as opposed to a percentage of income). ... A poll tax, head tax, or capitation is a tax of a uniform, fixed amount per individual (as opposed to a percentage of income). ...


Property tax

Main article: Property tax

A property tax is a tax imposed on property by reason of its ownership. A property tax is usually levied on the value of property owned. There are three species of property: land, improvements to land (immovable man-made things, e.g. buildings) and personal property (movable things). Real estate or realty is the combination of land and improvements to land. Property tax, millage tax is an ad valorem tax that an owner of real estate or other property pays on the value of the property being taxed. ...


Property taxes may be charged on a recurrent basis (e.g., yearly). A common type of property tax is an annual charge on the ownership of real estate, where the tax base is the estimated value of the property. For a period of over 150 years from 1695 a window tax was levied in England, with the result that one can still see listed buildings with windows bricked up in order to save their owners money. A similar tax on hearths existed in France and elsewhere, with similar results. The two most common type of event driven property taxes are stamp duty, charged upon change of ownership, and inheritance tax, which is imposed in many countries on the estates of the deceased. Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings. ... For the debate surrounding the pre-installation of Microsoft Windows on computers, see Microsoft Windows tax The window tax was a glass tax which was an important social, cultural, and architectural force in the kingdoms of England, Scotland and then Great Britain during the 17th and 18th centuries. ... Buckingham Palace, a Grade I listed building. ... Stamp duty is a form of tax that is levied on documents. ... The examples and perspective in this article or section may not represent a worldwide view. ...


In contrast with a tax on real estate (land and buildings), a land value tax is levied only on the unimproved value of the land ("land" in this instance may mean either the economic term, i.e., all natural resources, or the natural resources associated with specific areas of the earth's surface: "lots" or "land parcels"). Land value taxation (LVT), or site value taxation, is the policy of raising state revenues by charging each landholder a portion of the value of a site or parcel of land that would exist even if that site had no improvements. ...


When real estate is held by a higher government unit or some other entity not subject to taxation by the local government, the taxing authority may receive a payment in lieu of taxes to compensate it for some or all of the foregone tax revenue. A PILOT is a payment in lieu of taxes (also sometimes abbreviated PILT), made to compensate a local government for some or all of the tax revenue that it loses because of the nature of the ownership or use of a particular piece of real property. ...


In many jurisdictions (including many American states), there is a general tax levied periodically on residents who own personal property (personalty) within the jurisdiction. Vehicle and boat registration fees are subsets of this kind of tax. The tax is often designed with blanket coverage and large exceptions for things like food and clothing. Household goods are often exempt when kept or used within the household.[citation needed] Any otherwise non-exempt object can lose its exemption if regularly kept outside the household.[citation needed] Thus, tax collectors often monitor newspaper articles for stories about wealthy people who have lent art to museums for public display, because the artworks have then become subject to personal property tax.[citation needed] If an artwork had to be sent to another state for some touch-ups, it may have become subject to personal property tax in that state as well.[citation needed] Personal property is a type of property. ...


Retirement tax

Some countries with social security systems, which provide income to retired workers, fund those systems with specific dedicated taxes. These often differ from comprehensive income taxes in that they are levied only on specific sources of income, generally wages and salary (in which case they are called payroll taxes). A further difference is that the total amount of the taxes paid by or on behalf of a worker is typically considered in the calculation of the retirement benefits to which that worker is entitled. Examples of retirement taxes include the FICA tax, a payroll tax that is collected from employers and employees in the United States to fund the country's Social Security system; and the National Insurance Contributions (NICs) collected from employers and employees in the United Kingdom to fund the country's national insurance system. Social security primarily refers to social welfare service concerned with social protection, or protection against socially recognized conditions, including poverty, old age, disability, unemployment and others. ... This article is the current Taxation Collaboration of the Month. ... Federal Insurance Contributions Act (FICA) tax is a United States tax levied in an equal amount on employees and employers to fund federal programs for retirees, disabled, and children of deceased workers. ... Social Security, in the United States, currently refers to the federal Old-Age, Survivors, and Disability Insurance (OASDI) program. ... Tax rates around the world Tax revenue as % of GDP Part of the Taxation series        UK Income Tax and National Insurance (2005–2006) UK Income Tax and National Insurance as a % of Salary (2005–2006) National Insurance (NI) is a system of taxes and related social security benefits in the... Tax rates around the world Tax revenue as % of GDP Part of the Taxation series        UK Income Tax and National Insurance (2005–2006) UK Income Tax and National Insurance as a % of Salary (2005–2006) National Insurance (NI) is a system of taxes and related social security benefits in the...


These taxes are sometimes regressive in their immediate effect. For example, in the United States, each worker, whatever his or her income, pays at the same rate up to a specified cap, but income over the cap is not taxed. A further regressive feature is that such taxes often exclude investment earnings and other forms of income that are more likely to be received by the wealthy. The regressive effect is somewhat offset, however, by the eventual benefit payments, which typically replace a higher percentage of a lower-paid worker's pre-retirement income.


Sales tax

Main article: Sales tax

Sales taxes are a form of excise levied when a commodity is sold to its final consumer. Retail organizations contend that such taxes discourage retail sales. The question of whether they are generally progressive or regressive is a subject of much current debate. People with higher incomes spend a lower proportion of them, so a flat-rate sales tax will tend to be regressive. It is therefore common to exempt food, utilities and other necessities from sales taxes, since poor people spend a higher proportion of their incomes on these commodities, so such exemptions would make the tax more progressive. This is the classic "You pay for what you spend" tax, as only those who spend money on non-exempt (i.e. luxury) items pay the tax. A sales tax is a consumption tax charged at the point of purchase for certain goods and services. ...


A small number of US states rely entirely on sales taxes for state revenue, as those states do not levy a state income tax. Such states tend to have a moderate to large amount of tourism or inter-state travel that occurs within their borders, allowing the state to benefit from taxes from people the state would otherwise not tax. In this way, the state is able to reduce the tax burden on its citizens. The US states that do not levy a state income tax are Alaska, Tennessee, Florida, Nevada, South Dakota, Texas,[23] Washington state, and Wyoming. Additionally, New Hampshire and Tennessee levy state income taxes only on dividends and interest income. Of the above states, only Alaska and New Hampshire do not levy a state sales tax. Additional information can be obtained at the Federation of Tax Administrators website.


In the United States, there is a growing movement for the replacement of all federal payroll and income taxes (both corporate and personal) with a national retail sales tax and monthly tax rebate to households of citizens and legal resident aliens. The tax proposal is named FairTax. In Canada, the federal sales tax is called the Goods and Services tax (GST) and now stands at 5%. The provinces of British Columbia, Saskatchewan, Manitoba, Ontario and Prince Edward Island also have a provincial sales tax [PST]. The provinces of Nova Scotia, New Brunswick, and Newfoundland & Labrador have harmonized their provincial sales taxes with the GST - Harmonized Sales Tax [HST]. The province of Quebec collects the Quebec Sales Tax [QST] which is based on the GST with certain differences. Most businesses can claim back the GST, HST and QST they pay, and so effectively it is the final consumer who pays the tax. Throughout this article, the unqualified term dollar and the $ symbol refer to the United States dollar. ...


Tariffs

Main article: Tariff

An import or export tariff (also called customs duty or impost) is a charge for the movement of goods through a political border. Tariffs discourage trade, and they may be used by governments to protect domestic industries. A proportion of tariff revenues is often hypothecated to pay government to maintain a navy or border police. The classic ways of cheating a tariff are smuggling or declaring a false value of goods. Tax, tariff and trade rules in modern times are usually set together because of their common impact on industrial policy, investment policy, and agricultural policy. A trade bloc is a group of allied countries agreeing to minimize or eliminate tariffs against trade with each other, and possibly to impose protective tariffs on imports from outside the bloc. A customs union has a common external tariff, and, according to an agreed formula, the participating countries share the revenues from tariffs on goods entering the customs union. Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        For other uses of this word, see tariff (disambiguation). ... This article is about economic exchange. ... This article does not cite any references or sources. ... The tax, tariff and trade laws of a political region, state or trade bloc determine which forms of consumption and production tend to be encouraged or discouraged. ... An industrial policy is any government regulation or law that encourages the ongoing operation of, or investment in, a particular industry. ... An investment policy is any government regulation or law that encourages or discourages foreign investment in the local economy, e. ... This article needs to be cleaned up to conform to a higher standard of quality. ... A trade bloc is a large free trade area or free trade area formed by one or more tax, tariff and trade agreements. ... A customs union is a free trade area with a Common External Tariff. ...


Toll

Main articles: Toll road, Toll bridge, and Toll tunnel

A toll is a tax or fee charged to travel via a road, bridge, tunnel or other route. Historically tolls have been used to pay for state bridge, road and tunnel projects. They have also been used in privately constructed transport links. The toll is likely to be a fixed charge, possibly graduated for vehicle type, or for distance on long routes. This article or section does not cite any references or sources. ... Paying toll on passing a bridge. ... A toll tunnel is a special road tunnel whose construction and/or maintenance costs are in part recouped through a toll charged for passing through it. ... This article or section does not cite any references or sources. ... Paying toll on passing a bridge. ... A toll tunnel is a special road tunnel whose construction and/or maintenance costs are in part recouped through a toll charged for passing through it. ...


Shunpiking is the practice of finding another route to avoid payment of tolls. In some situations where tolls were increased or felt to be unreasonably high, informal shunpiking by individuals escalated into a form of boycott by regular users, with the goal of applying the financial stress of lost toll revenue to the authority determining the levy. This article or section may contain original research or unverified claims. ... Look up Boycott in Wiktionary, the free dictionary. ...


Transfer tax

Main article: Transfer tax

Historically, in many countries, a contract needed to have a stamp affixed to make it valid. The charge for the stamp was either a fixed amount or a percentage of the value of the transaction. In most countries the stamp has been abolished but stamp duty remains. Stamp duty is levied in the UK on the purchase of shares and securities, the issue of bearer instruments, and certain partnership transactions. Its modern derivatives, stamp duty reserve tax and stamp duty land tax, are respectively charged on transactions involving securities and land. Stamp duty has the effect of discouraging speculative purchases of assets by decreasing liquidity. In the US transfer tax is often charged by the state or local government and (in the case of real property transfers) can be tied to the recording of the deed or other transfer documents. Taxes on currency transactions are known as Tobin taxes. A transfer tax is a direct tax that is paid when title to property is transferred. ... Stamp duty is a form of tax that is levied on documents. ... Stamp duty is a form of tax that is levied on documents. ... Stamp duty is a form of tax that is levied on documents. ... United States may refer to: Places: United States of America SS United States, the fastest ocean liner ever built. ... A Tobin tax is the suggested tax on all trade of currency across borders. ...

See also: Stamp duty

Stamp duty is a form of tax that is levied on documents. ...

Value Added Tax / Goods and Services Tax

Main article: Value added tax

A value added tax (VAT), also known as 'Goods and Services Tax' (G.S.T), or 'Impuesto Indirecto sobre la Prestacion de Servicios' (I.S.I.), Single Business Tax, or Turnover Tax in some countries, applies the equivalent of a sales tax to every operation that creates value. To give an example, sheet steel is imported by a machine manufacturer. That manufacturer will pay the VAT on the purchase price, remitting that amount to the government. The manufacturer will then transform the steel into a machine, selling the machine for a higher price to a wholesale distributor. The manufacturer will collect the VAT on the higher price, but will remit to the government only the excess related to the "value added" (the price over the cost of the sheet steel). The wholesale distributor will then continue the process, charging the retail distributor the VAT on the entire price to the retailer, but remitting only the amount related to the distribution mark-up to the government. The last VAT amount is paid by the eventual retail customer who cannot recover any of the previously paid VAT. For a VAT and sales tax of identical rates, the total tax paid is the same, but it is paid at differing points in the process. Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Gold standard Fiscal policy Spending   Deficit   Debt Policy-mix Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Regulation Banking Fractional-reserve Full-reserve   Free banking Islamic...


VAT is usually administrated by requiring the company to complete a VAT return, giving details of VAT it has been charged (referred to as input tax) and VAT it has charged to others (referred to as output tax). The difference between output tax and input tax is payable to the Local Tax Authority. If input tax is greater than output tax the company can claim back money from the Local Tax Authority. VAT was historically used to counter evasion in a sales tax or excise. By collecting the tax at each production level, the theory is that the entire economy helps in the enforcement. However, forged invoices and similar evasion methods have demonstrated that there are always those who will attempt to evade taxation. This article contrasts tax evasion, tax avoidance, tax resistance and tax mitigation. ...


Economic theorists have argued that the collection process of VAT minimises the market distortion resulting from the tax, compared to a sales tax. However, VAT is held by some to discourage production.


Wealth (net worth) tax

Main article: Wealth tax

Some countries' governments will require declaration of the tax payers' balance sheet (assets and liabilities), and from that exact a tax on net worth (assets minus liabilities), as a percentage of the net worth, or a percentage of the net worth exceeding a certain level. The tax is in place for both "natural" and in some cases legal "persons". Because of the broad term wealth, property tax, capital transfer taxes (inheritance tax, gift tax) and capital gains taxes are sometimes referred to as wealth taxes. // Net worth tax Some countrys governments will require declaration of the tax payers balance sheet (assets and liabilities), and from that ask for... This article needs additional references or sources for verification. ... Net worth (sometimes net assets) is the total assets minus total liabilities of an individual or company. ... In jurisprudence, a natural person is a human being perceptible through the senses and subject to physical laws, as opposed to an artificial or juristic person, i. ... A juristic person is a legal fiction through which the law allows a group of natural persons to act as if it were a single composite individual for certain purposes. ...


See also

Find more about Tax on Wikipedia's sister projects:
Dictionary definitions
Textbooks
Quotations
Source texts
Images and media
News stories
Learning resources

Wikipedia does not have an article with this exact name. ... Image File history File links Wikibooks-logo. ... Image File history File links Wikiquote-logo. ... Image File history File links Wikisource-logo. ... Image File history File links Commons-logo. ... Image File history File links WikiNews-Logo. ... Image File history File links Wikiversity-logo-Snorky. ... This article is about budget deficits. ... Deposit Interest Retention Tax (DIRT) is a form of tax on interest earned on bank accounts in Republic of Ireland that was first introduced in the 1980s. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        A dividend tax is an income tax on dividend payments to... Extortion is a criminal offense, which occurs when a person either obtains money, property or services from another through coercion or intimidation or threatens one with physical harm unless they are paid money or property. ... The Danegeld was an English tribute raised to pay off Viking raiders (usually led by the Danish king) to save the land from being ravaged by the raiders. ... Fiscal neutrality is a term referring to the impact of taxation on the economy. ... Fiscal incidence is a concept within public finance, a sub-discipline within economics, that refers to the combined overall economic impact of both government taxation and expenditures on the real economic income of individuals. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Government debt (also known as public debt or national debt) is... Government spending or government expenditure consists of government purchases, which can be financed by seigniorage (the creation of money for government funding, at a heavy price of high inflation and other possibly devastating consequences), taxes, or government borrowing. ... Optimal tax theory is the study of how best to design a tax to avoid distortion and inefficiency. ... This article does not cite any references or sources. ... The Revenue On-Line Service or ROS, is a pioneer in European internet applications, and it is run by the Irish Revenue Commissioners. ... The solidarity tax on wealth is a French annual direct tax on those having assets in excess of 720,000 euros (as of January 1, 2003). ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Tax avoidance is the legal utilization of the tax regime to... A tax exemption is an exemption to the tax law of a state or nation in which part of the taxes that would normally be collected from an individual or an organization are instead foregone. ... This article contrasts tax evasion, tax avoidance, tax resistance and tax mitigation. ... Tax Freedom Day is the first day of the year in which a nation as a whole has theoretically earned enough income to fund its annual tax burden. ... First discussed by the Physiocrats in France, tax incidence is the analysis of the effect of a particular tax on the distribution of economic welfare. ... Tax law is the codified system of laws that describes government levies on economic transactions, commonly called taxes. ... Economic policy Monetary policy Central bank   Money supply Gold standard Fiscal policy Spending   Deficit   Debt Policy-mix Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Regulation Banking Fractional-reserve Full-reserve   Free banking Islamic        Tax policy is the study of the best way to... A tax resister resists or refuses payment of a tax because of opposition to the institution collecting the tax, or to some of that institution’s policies. ... Tax shelters are any method of reducing taxable income resulting in a reduction of the payments to tax collecting entities including state and federal governments. ... A tax haven is a place where certain taxes are levied at a low rate or not at all. ... This article does not cite any references or sources. ... Because of the broad term wealth, property tax, capital transfer taxes (inheritance tax, gift tax) and capital gains taxes are sometimes referred to as wealth taxes. // Net worth tax Some countrys governments will require declaration of the tax payers balance sheet (assets and liabilities), and from that ask for... The Zero Aggression Principle (or ZAP) is a personal philosophy designed to allow individuals to self-govern their interactions with other individuals. ...

By country or region

Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        Comparison of tax rates around the world is a difficult and... This table lists OECD countries by total tax revenue as percentage of GDP (as of 2005). ... // Main article: Income tax in Australia Only the federal government imposes income taxes on individuals, and this is the most significant source of revenue for this level of government. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        The level of Taxation in Canada is average among Organisation for... Taxation in France is determined by the yearly vote of the budget by the French Parliament, which determine what kind of taxes (or quasi-taxes) can be levied and which rates can be applied. ... Taxation is one of the most criticized matters in Germany. ... HK Inland Revenue Ordinance Cap. ... India has following taxes in general 1. ... This article deals with Taxation in Indonesia or pajak. ... The Netherlands has a rich history dealing with taxation, predating the Romanic period. ... // Income Tax Income tax on earnings is required to be paid to the New Zealand government. ... The system of taxation in the Republic of Ireland is broadly similar to the system of taxation in the United Kingdom. ... There are very few or no other articles that link to this one. ... Individual income tax in Singapore forms part of two main sources of Income tax, the other being corporate taxes on companies. ... Tax rates around the world Tax revenue as % of GDP Part of the Taxation series        Taxation in the United Kingdom may involve payments to at least two different levels of government: local government and central government (HM Revenue & Customs). ... FairTax Flat tax Tax protester arguments Constitutional Statutory Conspiracy Taxation by country Tax rates around the world Tax revenue as % of GDP Part of the Taxation series        Taxation in the United States is a complex system which may involve payment to at least four different levels of government and many... This article is the current Taxation Collaboration of the Month. ...

Notes

  1. ^ a b Black's Law Dictionary, p. 1307 (5th ed. 1979).
  2. ^ See, e.g., 26 U.S.C. § 7203 in the case of U.S. Federal taxes.
  3. ^ a b c d e Tax, Governance, Corporate Responsibility and Accountability. Tax Justice Network. Retrieved on 2007-09-30.
  4. ^ Cobham, Alex (2007-01). The tax consensus has failed!. The Oxford Council on Good Governance. Retrieved on 2007-09-30.
  5. ^ Ross, Michael, L. (2007-01-27). Does Taxation Lead to Representation?. UCLA Department of Political Science. Retrieved on 2007-09-30.
  6. ^ Internal Revenue Service
  7. ^ luxury tax - Britannica Online Encyclopedia
  8. ^ http://links.jstor.org/sici?sici=0002-8282(196909)59%3A4%3C596%3ACEASTR%3E2.0.CO%3B2-3
  9. ^ Parkin, Michael (2006), Principles of Microeconomics, p. 134.
  10. ^ Population and Social Integration Section (PSIS), United Nations Social and Economic Commission for Asia and the Pacific
  11. ^ Atlas Shrugged, Ayn Rand; Signet; (September 1996) ISBN 0-451-19114-5
  12. ^ The Rule of Law Without the State, Ludwig Von Mises Institute
  13. ^ Human Action Chapter II. Sec. 4. The Principle of Methodological Individualism by Ludwig von Mises
  14. ^ Thomas Jefferson quotes, ThinkExist.com
  15. ^ Taxes in the Ancient World, University of Pennsylvania Almanac, Vol. 48, No. 28, April 2, 2002
  16. ^ Hoffman, Phillipe and Kathryn Norberg (1994), Fiscal Crises, Liberty, and Representative Government, 1450-1789, p. 238.
  17. ^ Hoffman, Phillipe and Kathryn Norberg (1994), Fiscal Crises, Liberty, and Representative Government, 1450-1789, p. 300 .
  18. ^ OECD national accounts. Retrieved on 2007-03-01.
  19. ^ Tax/Spending Burden, Forbes magazine, 05-24-04
  20. ^ Land Value Taxation: An Applied Analysis, William J. McCluskey, Riël C. D. Franzsen
  21. ^ The OECD Classification of Taxes and Interpretative Guide, Organisation for Economic Co-operation and Development, 2004
  22. ^ OECD Tax Database. Organisation for Economic Co-operation and Development. Retrieved on 2007-01-30.
  23. ^ Although Texas has no individual income tax, the state does impose a franchise tax — soon to be replaced by a margin tax — on business activity that, while not denominated as an income tax, is in substance a kind of income tax.

Blacks Law Dictionary, 7th edition Blacks Law Dictionary is the definitive law dictionary for the law of the United States. ... The Internal Revenue Code (or IRC) (more formally, the Internal Revenue Code of 1986, as amended) is the main body of domestic statutory tax law of the United States organized topically, including laws covering the income tax (see Income tax in the United States), payroll taxes, gift taxes, estate taxes... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ... is the 273rd day of the year (274th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ... is the 273rd day of the year (274th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ... is the 27th day of the year in the Gregorian calendar. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ... is the 273rd day of the year (274th in leap years) in the Gregorian calendar. ... Ludwig von Mises Institute for Austrian Economics, Auburn, Alabama The Ludwig von Mises Institute (LvMI), based in Auburn, Alabama, is a libertarian academic organisation engaged in research and scholarship in the fields of economics, philosophy and political economy. ... Human Action: A Treatise on Economics is the magnum opus of the Austrian economist Ludwig von Mises. ... Ludwig Heinrich Edler von Mises (September 29, 1881 – October 10, 1973) (pronounced was a notable economist and a major influence on the modern libertarian movement. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ... is the 60th day of the year (61st in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) was a common year starting on Monday of the Gregorian calendar in the 21st century. ... is the 30th day of the year in the Gregorian calendar. ... Franchise tax is a tax charged by some US states to corporations formed in those states based on the number of shares they issue or, in some cases, the amount of their assets. ...

External links


  Results from FactBites:
 
Internal Revenue Service (57 words)
IRS urges taxpayers to choose e-file or Free File and to take advantage of tax breaks.
Tax Relief May be Available for Some Who Lose Homes
Members of the public are receiving phony e-mails falsely claiming to come from the IRS.
  More results at FactBites »

 
 

COMMENTARY     


Share your thoughts, questions and commentary here
Your name
Your comments

Want to know more?
Search encyclopedia, statistics and forums:

 


Press Releases |  Feeds | Contact
The Wikipedia article included on this page is licensed under the GFDL.
Images may be subject to relevant owners' copyright.
All other elements are (c) copyright NationMaster.com 2003-5. All Rights Reserved.
Usage implies agreement with terms, 1022, m