Tax
hideTo tax (from the latin taxare: to estimate, which in turn is from tangere: to touch) is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state.
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." 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."
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) may be imposed on the non-paying entity or individual.
For more information about Tax, read the full article at
Wikipedia.
This text uses material from Wikipedia and is available under the GNU Free Documentation License.
News tagged with tax
Only tax increase can cure Illinois budget woes, study says
Nov 18, 2009 |
1 / 5 (3) |
3
Tax increases are the only solution to a widening budget crisis that a new study says has landed Illinois among the nation's most financially troubled states, a soon-to-be-released report by a team of University of Illinois ...
New York Times publishes 'crowd-funded' article
Nov 11, 2009 |
5 / 5 (2) |
0
The science section of The New York Times contained an unusual article on Tuesday. The story about a huge floating garbage patch in the Pacific Ocean was not written by a Times reporter but by a freelance ...
Scientists call for ban on alcohol-industry sponsorship of sport
Nov 09, 2009 |
5 / 5 (2) |
0
The alcohol industry's sponsorship of sport should be banned and replaced with a dedicated alcohol tax modelled on those employed by some countries for tobacco, say scientists.
Florida's consumer confidence remains flat amid mixed economic news
Oct 27, 2009 |
not rated yet |
0
(PhysOrg.com) -- Florida's consumer confidence remained flat at 72 in October, a level more in line with economists? expectations than the initial increase that was recorded last month, according to a new University of Florida ...
Roth IRA conversion not a good fit for all, tax expert says
Oct 26, 2009 |
5 / 5 (3) |
1
Starting next year, anyone can convert retirement savings into tax-advantaged Roth individual retirement accounts, but the much-touted switch isn't for everyone, a University of Illinois expert on tax and elder law warns.
EPA: Climate bill could cost family $100 annually
Oct 25, 2009 |
2 / 5 (4) |
3
(AP) -- A Senate plan to tackle global warming would add about $100 a year to the energy costs for a typical household, according to an analysis by the Environmental Protection Agency.
Harnessing the sun
Oct 05, 2009 |
5 / 5 (1) |
0
The American Solar Energy Society's 2009 National Solar Tour took place Oct. 3 in 3,000 communities.
Europe bids to tax personal fuel consumption
Oct 02, 2009 |
2 / 5 (8) |
5
A Europe-wide tax on personal or household fuel consumption was proposed on Friday as EU finance ministers met to discuss who should pay what in the fight against global warming.
Financial aid rules influence household portfolio decisions
Oct 01, 2009 |
not rated yet |
0
The U.S. House of Representatives recently passed the Student Aid Financial Responsibility Act to address problems with the current financial aid system. The act calls for several changes to simplify the Federal ...
Senate's climate bill emphasizes jobs, security, protecting planet
Oct 01, 2009 |
2.3 / 5 (6) |
2
Backed by a giant American flag and rows of young veterans and business executives, a group of Democratic senators unveiled an energy and climate bill Wednesday that they say will increase jobs and cut the billions spent ...
Study looks at effect of high foreclosure rates on local tax bases
Sep 29, 2009 |
3 / 5 (1) |
0
(PhysOrg.com) -- Foreclosed homes and unsustainable growth can wreck the tax base of local governments. That’s the warning being issued by Auburn University’s Center for Governmental Services following its study of newly ...
House Democrats considering insurance tax
Sep 25, 2009 |
3 / 5 (2) |
0
(AP) -- House Democrats are considering an insurance tax to help pay for their health care overhaul plan, even though such a funding scheme is bitterly opposed by labor unions that are among the party's most ...
Fight obesity? Add sales tax to soda tab
Sep 16, 2009 |
4.2 / 5 (10) |
32
Presenting a united front in the war on obesity, diabetes and other nutrition-related disorders, seven of America’s leading public health and economics experts are urging passage of taxes on sugar-sweetened ...
Cheaper Solar Power's Time Has Come
Sep 07, 2009 |
4.4 / 5 (22) |
18
(PhysOrg.com) -- Solar power manufacturers in the US are cutting prices to shift their stock, the government is chipping in with tax credits, and innovative leasing or financing arrangements spreading payments ...
City dwellers bear disproportionate federal tax burden
Aug 20, 2009 |
5 / 5 (1) |
2
Live in an expensive city? Think you pay too much in federal taxes? If so, a study in the current issue of the Journal of Political Economy finds that you're exactly right.
