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 ?
This was controversial among the Single Taxers, since it meant they'd be paying a new levy that wasn't based on Georgist principles; many of them preferred to educate their children privately or at home.
Countries with low or declining tax rates can increase their government spending three times faster than countries with high or rising tax rates, because the low-tax countries grow six times faster than the high taxers.
If the taxers and spenders at Los Angeles City Hall don't watch out, there won't be anyone left to pay taxes or shout, "Hell no
The starry-eyed gas taxers were politically immolated by free-market zealots who resisted any tinkering with the mysterious machinations of the all-powerful, all-seeing eye of holy commerce.
Recent debate has been between carbon taxers and emissions traders.
The real reason we cannot be bothered to vote any more has to do with the people who have managed to get themselves elected in the past seven years or so -the liars, prevaricators, shysters, stealth taxers, manipulators and dodgy dossier peddlers.
But on economic management generally the Democrats are, like Labor's Left, big spenders and big taxers, excelled in all those respects only by the Greens.