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 ?
Of course, the company, in preparing for its audit, will need to document its deferred tax computation for various taxing jurisdictions - how it arrived at its determination of the marginal tax rate, for example, and the necessity for and the amount of any valuation allowance.
Instead of taxing work, why not use taxes to promote more of it?
Alexander Hamilton rejected taxing "the articles of our own growth and manufacture" as they are "more prejudicial" to the economy than consumption taxes.
Most states have confronted the software taxation problem by taxing canned or off-the-shelf software but exempting custom-made software as a service sale.
Tough economic times and state budget deficits usually usher in new taxing authorities, as well as more aggressive interpretations and enforcements, and that's what we're seeing with state tax," says Steve Wlodychak, State and Local Tax Expert with Ernst & Young's TAS group.
SB 2310, Laws 2005: (1) more broadly defines unitary group for purposes of determining which entities must be included in the financial organization's unitary group; (2) provides that if any member has nexus with Tennessee, the Tennessee receipts of all members (even those without nexus) must be included in the numerator of the receipts factor; and (3) increases the percentage of receipts attributable to the state by requiring a portion of the receipts that currently are not included in the numerator to be included by providing that any other receipts not specifically attributed to Tennessee or to another taxing jurisdiction must be attributed to Tennessee in the same proportion that the enumerated receipts are attributed to Tennessee.
During the past three decades, this Court has invoked the Commerce Clause to invalidate state taxing schemes that unreasonably burdened interstate commerce by discriminating against out-of-state taxpayers.
And in any case, even with Clinton's world-record $300-billion tax increase, the United States will still be a less taxing nation than Sweden, Denmark, and France.
The tax service engine includes Vertex tax research on more than 8,000 taxing jurisdictions, their rates, exceptions and exemptions specific to tax type.
Is the tax applied to an activity with a substantial nexus with the taxing state?
Based on our members' experience in managing federal, state, and foreign tax audits and resolving disputes, TEI disagrees with the proposed Interpretation's presumption that a taxing authority will examine all tax positions, assert a claim, and disallow every tax position that is not supported at a "probable" level of confidence.
Taxing BTUs rather than, say, gasoline is an attempt to treat all energy sources equally.