tax

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tax

a levy imposed by the government on GOODS and SERVICES (INDIRECT TAX) and the INCOME and WEALTH of persons and businesses (DIRECT TAX). The government uses taxes for a number of purposes such as:
  1. to raise revenue to finance government spending (see BUDGET);
  2. to promote social equity by redistributing income and wealth (see DISTRIBUTION OF INCOME);
  3. to regulate the level of total spending in the economy (see FISCAL POLICY);
  4. to protect domestic producers from imports (see TARIFF). See INCOME TAX, CORPORATION TAX, CAPITAL GAINS TAX, WEALTH TAX, INHERITANCE TAX, VALUE-ADDED TAX, CUSTOMS DUTY, EXCISE DUTY.

tax

a levy imposed by the government on the income, wealth and capital gains of persons and businesses (DIRECT TAX), on spending on goods and services (INDIRECT TAX), and on properties. In the UK, taxes on income include personal INCOME TAX and CORPORATION TAX; ‘inheritance tax’ is used to tax wealth (see WEALTH TAX) and CAPITAL GAINS TAX is used to tax ‘windfall’ profits; taxes on spending include VALUE-ADDED TAX, EXCISE DUTY and TARIFFS; taxes on properties include the council tax (see LOCAL TAX) and the UNIFORM BUSINESS RATE. Such taxes are used to raise revenue for the government and as a means of controlling the level and distribution of spending in the economy. See TAXATION, PUBLIC FINANCE.
References in periodicals archive ?
The Video provides a solution and viewers will conclude it is a no brainer to switch to a Tax-Free Retirement Plan.
For years, in addition to Texas natives, visitors from surrounding states and Mexico have taken advantage of this annual tax-free weekend.
Based on this finding, the court ruled the exchange was tax-free under section 1031.
However, given that the binding contract rule would likely apply, the transaction will qualify as a tax-free reorganization, because the COI requirement will be met.
The legislation actually says that to qualify for the tax-free board and lodgings, the 'benefit' and the salary of the staff concerned must not exceed the P11D earnings limit of pounds 8,500 for 'higher paid employees'.
Abkemeier estimated that if about 80% of variable annuities currently are nonqualified and 20% qualified, he might expect the proposed tax-free savings accounts to eventually shift that ratio to about 60% nonqualified and 40% qualified.
The tax-free acquisition of other accounting firms or their separately incorporated divisions; e.
Since your kids will be the beneficiaries of the QPRT, they will wind up with the house and all those rental dollars - tax-free - and you have control for as long as you live.
With traditional tax-deferred IRAs, money goes in tax-free, accumulates interest tax-free, but is then taxed at time of withdrawal.
On April 30, 1997, Tax Executives Institute submitted the following comments to the Internal Revenue Service on proposed regulations under section 368, which would significantly relax the "remote" continuity-of-interest doctrine for certain tax-free reorganizations.
Thirty-five million long-term bank and building society savers lose out by not holding their cash in a tax-free TESSA (tax exempt special savings account).