"A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to collectively fund government spending, public expenditures, or as a way to regulate and reduce negative externalities."
Taxation is one of the primary tools used by governments to raise revenue. Public economics examines the principles of optimal taxation and the tradeoffs involved in designing a tax system.
Basic Tax Principles: Understanding the general principles of taxation, such as the purpose of taxes, types of taxes, and how taxes are collected and enforced.
Taxation of Individuals: Understanding the taxation of individuals, including the calculation of taxable income, allowable deductions, and tax credits.
Taxation of Business Entities: Understanding the taxation of partnerships, corporations, and other types of business entities, including capital gains and losses, depreciation, and other tax implications for businesses.
Tax Planning Strategies: Understanding various tax planning strategies, such as tax deferral, shifting income, and using tax credits and deductions to minimize tax liabilities.
International Taxation: Understanding tax implications for individuals and companies that operate across multiple countries, including double taxation agreements and tax treaties.
Tax Accounting: Understanding the accounting methods and principles related to tax accounting, including book vs. tax differences and tax return preparation.
Estate and Gift Taxation: Understanding the taxation of estates and gifts, including the calculation of estate and gift taxes, exemptions, and planning strategies.
Taxation of Real Estate: Understanding the tax implications for buying, owning, and selling real estate, including deductions, depreciation, and capital gains taxes.
State and Local Taxation: Understanding the taxation policies and regulations at the state and local levels, including corporate income taxes, sales taxes, and property taxes.
Tax Policy: Understanding the economic and political factors that influence tax policy, including the role of taxes in promoting economic growth and social equity.
Income Tax: Tax imposed on individuals or entities based on their income or earnings.
Sales Tax: Tax levied on transactions of goods and services, usually expressed as a percentage of the selling price.
Property Tax: Tax levied on the value of property, such as land, buildings, and homes.
Capital Gains Tax: Tax on the profits made from the sale of assets, such as stocks or real estate.
Corporate Tax: Tax imposed on the earnings of corporations or businesses.
Inheritance Tax: Tax on the transfer of assets from one individual to another after the former's death.
Gift Tax: Tax on the transfer of assets from one individual to another during the donor's lifetime.
Excise Tax: Tax levied on particular goods, such as alcohol, cigarettes, and gasoline.
Estate Tax: Tax levied on the entire value of a deceased's estate.
Payroll Tax: Tax on wages and salaries paid to employees, usually used to fund social security programs.
Property Transfer Tax: Tax on the transfer of property rights.
Tariffs: Tax on imports and exports between countries.
Sin Tax: Tax on products considered harmful to health, such as tobacco and alcohol.
Road Tax: Tax on the use of public roads.
Carbon Tax: Tax levied on carbon emissions to encourage energy efficiency and promote clean energy.
Financial Transaction Tax: Tax levied on financial transactions, such as the buying and selling of stocks or other financial instruments.
Value Added Tax (VAT): Tax on the value added at each stage of the production and distribution of goods and services.
Poll Tax: Tax imposed on every individual regardless of income or wealth.
Excise Duty: A tax on certain locally-produced goods.
Marketing and Advertising Tax: A tax levied on the cost of advertising products.
"Tax compliance refers to policy actions and individual behavior aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax relief."
"The first known taxation took place in Ancient Egypt around 3000–2800 BC."
"All countries have a tax system in place, in order to pay for public, common societal, or agreed national needs and for the functions of government."
"Some countries levy a flat percentage rate of taxation on personal annual income, but most scale taxes are progressive based on brackets of annual income amounts."
"Countries or subunits often also impose wealth taxes, inheritance taxes, estate taxes, gift taxes, property taxes, sales taxes, use taxes, environmental taxes, payroll taxes, duties and/or tariffs."
"In economic terms (circular flow of income), taxation transfers wealth from households or businesses to the government."
"This has effects on economic growth and economic welfare that can be both increased (known as fiscal multiplier) or decreased (known as excess burden of taxation)."
"Others such as libertarians and anarcho-capitalists are anti-taxation and denounce taxation broadly or in its entirety, classifying taxation as theft or extortion through coercion along with the use of force."
"Taxation enables the government to generate revenue without heavily interfering with the market and private businesses; taxation preserves the efficiency and productivity of the private sector by allowing individuals and businesses to make their own economic decisions, engage in flexible production, competition and innovation as a result of market forces."
"Certain countries function as tax havens by imposing minimal taxes on the personal income of individuals and on corporate income. These tax havens attract capital from abroad whilst resulting in loss of tax revenues within other non-haven countries."
"These tax havens attract capital from abroad whilst resulting in loss of tax revenues within other non-haven countries (through base erosion and profit shifting)."
"Ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax relief."
"Taxation is deemed necessary by general consensus in order for society to function and grow in an orderly and equitable manner through the government provision of public goods and public services."
"Taxation enables the government to generate revenue without heavily interfering with the market and private businesses."
"A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to collectively fund government spending, public expenditures, or as a way to regulate and reduce negative externalities."
"Taxes consist of direct or indirect taxes and may be paid in money or as its labor equivalent."
"Some countries levy a flat percentage rate of taxation on personal annual income, but most scale taxes are progressive based on brackets of annual income amounts."
"Countries or subunits often also impose wealth taxes, inheritance taxes, estate taxes, gift taxes, property taxes, sales taxes, use taxes, environmental taxes, payroll taxes, duties and/or tariffs."
"These tax havens attract capital from abroad whilst resulting in loss of tax revenues within other non-haven countries."