Tax
Any charge of money or property that imposed by a government upon individuals or entities that are within the government's authority to collect. This term, however, generally does not include charges imposed in exchange for the provision of specific goods or services (e.g., bridge tolls or sanitation fees).
Although most modern taxes are levied on the basis of economic measurements such as income, consumption, property, and wealth, some governments also impose excise taxes on the use or sale of specified goods (e.g., gasoline or cigarettes).
See more about:
- US Income Tax
- Property taxes
- Excise taxes , such as gasoline and luxury taxes
Definition from Nolo’s Plain-English Law Dictionary
A governmental assessment upon property value, transactions (transfers and sales), licenses granting a right, and income. A tax levied directly on income or property is a direct tax. A tax levied on the price of goods or services is an indirect tax. The government uses tax revenues to finance public services and goods, such as building highways and schools.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:25 pm
