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 ?
and WorldCom ushered in a new "expectation" in tax practice at both the advisory and firm levels, one that might be characterized as tax risk management.
Everyone active in politics today--virtually every elected official, every speechwriter, every strategist and pollster--came of age in the 30-year era of tax revolt.
Tax Executives Institute is the preeminent association of business tax professionals.
When individual clients receive an income tax refund, a bonus, an inheritance or another windfall--or even have some extra cash on hand after paying off their bills--they have a number of options.
As you meet with clients, research what's new in the tax codes and update your software to provide the best service you can, spring ahead and confidently meet the only season that's never late or early--tax season.
Admittedly, tax law has areas that are unclear and difficult to interpret, and in some cases the outcome of a given structure or position may not be entirely clear, even where there is enough support in the law to justify its legitimacy.
This year, the slakes are even higher thanks to the passage of the federal Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), the third largest tax cut in U.
Comparing the per capita tax burden to expenditures on goods and services shows that Americans are spending more money per capita in 2000 on taxes ($10,447) than on food ($2,713), clothing ($1,436), and shelter ($5,913) combined (see Figure 3).
While this may come as no surprise to those of us in the industry, what has raised a few eyebrows is the cutting edge appearance of the State Historic Rehabilitation Tax Credit that can be combined with the federal tax credit on the same project.
Take tax withholding, whereby employers deduct from our gross pay an estimate of the federal and state income taxes we owe.
On the Valencia couple's wish list are tax breaks for parents, tax cuts that lower the cost of living and a tax benefit for homemakers.