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 ?
Planning minister Iqbal Hassan supported the resolution and said as unemployment was peaking in GB it should be declared tax-free zone.
Because unused funds in the HSA never expire, the client's annual contributions can be left in the account to grow on a tax-deferred basis for years if the funds are not needed to cover medical expenses--creating an additional source of tax-free funds in retirement.
Kung kaya, para dagdag pakunswelo sa kanila, ginawa nating P150,000 ang tax-free kada kahon (Each balikbayan box usually contains around P80,000 worth of items.
Even then, as long as parents don't earn over their personal savings allowance (PS1,000 interest a year for basic 20 per cent rate taxpayers, PS500 for 40 per cent rate), it'll be tax-free. For anything over, saving in a JISA would then actually protect it from tax.
Compared to FDs, tax-free bonds offer interest on your principal amount, but come with longer maturities of 10, 15 and 20 years.
"Those who inherit pension funds can choose to keep it as a tax-free pension, or they can just pay income tax on it and spend the money perhaps to help them onto the housing ladder or with education fees.
The way this totally unjust system works is that every time your tax-free "allowance" rises, you pay more tax which is the opposite of when you worked.
Now that I've defined the tax-free paradigm, let's see how some of the mainstream financial gurus measure up.
You know, when all the people in Massachusetts get excited due to the upcoming tax-free "holiday'' that the political leaders in this state were so gracious to grant us.
Now throw in Tax-Deferred Growth, Tax-free Access and the Ability to Pass the Asset On Income-Tax Free and the options become even thinner.