Tax

To tax (from the Latin taxo; "I estimate") is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay is punishable by law. Taxes are also imposed by many administrative divisions. Taxes consist of direct tax or indirect tax, and may be paid in money or as its labour equivalent (often but not always unpaid labour).

A tax is a "pecuniary burden laid upon individuals or property owners to support the government a payment exacted by legislative authority." A tax "is not a voluntary payment or donation, but an enforced contribution, exacted pursuant to legislative authority" and is "any contribution imposed by government whether under the name of toll, tribute, tallage, gabel, impost, duty, custom, excise, subsidy, aid, supply, or other name."

Read more about Tax:  Overview, Purposes and Effects, Kinds of Taxes, History, Economic Effects

Other articles related to "tax":

Alejandro Toledo - Presidency - Economic Policy
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Varlık Vergisi
... Varlık Vergisi ("Wealth tax" or "Capital tax") was a Turkish tax levied on the wealthy citizens of Turkey in 1942, with the stated aim of raising funds for the country's defense in ... The bill for the one-off tax was proposed by the Şükrü Saracoğlu government, and the act was adopted by the Turkish parliament on November 11, 1942 ... Officially, the tax was devised to fill the state treasury that would have been needed had Nazi Germany or the Soviet Union invaded the country ...
Vehicle Excise Duty - Other Terms in Common Use
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Vehicle Excise Duty - Current Regulations
... a non-transferable vehicle licence ("tax disc") ... Failure to submit a SORN is punishable in the same manner as failure to pay duty and display a tax disc when using the vehicle on public roads ... If you have paid for vehicle tax by phone or online before the current disc runs out, then you can legally drive or keep your vehicle on the road ...
Theories On Taxation - Optimal Tax
... Main article Optimal tax Most governments take revenue which exceeds that which can be provided by non-distortionary taxes or through taxes which give a double dividend ... the elasticity of supply and demand for a good, it follows that putting the highest tax rates on the goods for which there is most inelastic supply and demand will result in the least overall ... Some economists sought to integrate optimal tax theory with the social welfare function, which is the economic expression of the idea that equality is valuable to a greater or lesser extent ...

Famous quotes containing the word tax:

    In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
    Alexis de Tocqueville (1805–1859)

    Rumble thy bellyful! Spit, fire! Spout, rain!
    Nor rain, wind, thunder, fire are my daughters.
    I tax you not, you elements, with unkindness;
    I never gave you kingdom, called you children.
    William Shakespeare (1564–1616)

    If you tax too high, the revenue will yield nothing.
    Ralph Waldo Emerson (1803–1882)