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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 ?
Every business, including all self-employed workers, will still be subject to audits to ensure that the necessary sales taxes have been paid on their production.
Current tax reform proposals aim to replace the personal and corporate income taxes with an integrated consumed-income tax, which looks like a regular income tax but contains special provisions to eliminate the bias against saving and investment.
In addition, each country taxes nonresidents on transfers of certain assets considered located within that country (e.
Tax insurance can be defined as a transfer by a ceding enterprise (a corporation) to an assuming enterprise (a major insurance company) of the liability for potential taxes due in a transaction in which the primary element of risk is financial rather than strategic.
The recommended syllabus, however, does not include any reference to introducing the financial accounting rules that apply to income taxes.
It is so deep in our blood that it is surprising to be reminded that there was a time when you could raise taxes and not lose elections.
In the Third Protocol to the Convention between Canada and the United States with Respect to Taxes on Income and Capital signed in 1995, the United States and Canada announced a general reduction in the withholding taxes on dividends, interest, and certain royalties.
At the 30% rate the client would pay $2,495 in taxes on the 58,316 distribution, leaving $5,821 after taxes.
Extended Due Dates The IRS granted special relief for taxpayers in various parts of Louisiana, Mississippi and Alabama struck by Hurricane Katrina by extending the due dates for filing tax returns and paying taxes until Feb.
Congress originally launched the AMT in 1979 to prevent wealthy Americans from taking so many deductions that they wound up paying little to no taxes.
To be sure, the idea of global taxes isn't new, but over the last four years or so, several global tax proposals have acquired dangerous new political momentum, thanks to the coordinated efforts of the internationalist establishment and the relentless "pressure from below" being applied by a phalanx of non-governmental organizations (NGOs).