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:

    Change of fashion is the tax levied by the industry of the poor on the vanity of the rich.
    —Sébastien-Roch Nicolas De Chamfort (1741–1794)

    ...many tax collectors and sinners were also sitting with Jesus.
    Bible: New Testament, Mark 2:15.

    I find nothing healthful or exalting in the smooth conventions of society. I do not like the close air of saloons. I begin to suspect myself to be a prisoner, though treated with all this courtesy and luxury. I pay a destructive tax in my conformity.
    Ralph Waldo Emerson (1803–1882)