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

Famous quotes containing the word tax:

    I come into the peace of wild things
    who do not tax their lives with forethought
    of grief.
    Wendell Berry (b. 1934)

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

    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)