tax


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tax

n. a governmental assessment (charge) upon property value, transactions (transfers and sales), licenses granting a right, and/or income. These include Federal and state income taxes, county and city taxes on real property, state and/or local sales tax based on a percentage of each retail transaction, duties on imports from foreign countries, business licenses, Federal tax (and some states' taxes) on the estates of persons who have died, taxes on large gifts, and a state "use" tax in lieu of sales tax imposed on certain goods bought outside of the state. (See: income tax, estate tax, gift tax, use tax, unified estate and gift tax, franchise tax)

tax

noun assessment, capitation, charge, dues, duty, exaction, exactment, excise, imposition, impost, levy, pollage, portorium, scot, tariff, taxation, tithe, toll, tribute, vectigal
Associated concepts: action for taxes, ad valorem tax, apportionment of taxes, back taxes, collection of taxes, current tax, delinquent tax, direct tax, discriminatory tax, douule taxation, estate tax, evasion of taxation, excess profits tax, excessive tax, excise tax, federal estate tax, federal taxes, franchise tax, general tax, graduated tax, income tax, indirect tax, inheritance tax, land tax, levy a tax, power of taxation, power to tax, progressive tax, propprty tax, proportional tax, regulatory tax, retroactive tax, sales tax, tax anticipation note, tax assessor, tax deed, tax district, tax lien, tax roll, tax sale, tax title, tax warrants, transfer tax, withholding taxes

tax

(Levy), verb assess, collect, exact, lay a duty, require

tax

(Overwork), verb burden, cumber, debilitate, deprive of strength, disable, drain, encumber, exact, fatigue, load, make excessive demands, oppress, overexercise, overexert, overfatigue, overload, overstrain, overtire, overuse, push too far, require, saddle with, strain, task, tire out, tyrannize, use hard, weaken, wear down, wear out, weary, weigh down
See also: assess, assessment, charge, coerce, compel, cost, deplete, encumber, enforce, exact, excise, exhaust, fine, force, hinder, impose, levy, rebuke, reproach, require, toll

tax

a levy made by national or local government to pay for services provided by public bodies. There is no inherent power in the Crown to raise money in this way; express provision must be made by statute. Changes to tax law are made annually in the Finance Act(s); periodically the law is consolidated, as for example in the Income and Corporation Taxes Act 1988 or the Taxation of Chargeable Gains Act 1992. See TAXATION.
References in periodicals archive ?
multinational should, nevertheless, be able to continue structuring its business affairs and transactions so as to maximize tax savings and achieve the most efficient tax result (as opposed to engaging in tax evasion).
Because of the new Iaw's many attractive tax breaks and various start and "sunset" dates, you might not have another opportunity for similar tax savings in the coming years.
based Tobin Tax Initiative and France's Association for Transaction Taxes to Aid Citizens (ATTAC), sprang up and started a carefully coordinated international campaign to promote the Tobin tax.
But if the process of filing tax returns becomes so complex that the average person can't complete it correctly without hiring professional help--and even professionals have difficulty--then the cost of compliance becomes a "surtax" levied in addition to the taxes themselves.
Recognizing the monumental role that historic tax credits have played in encouraging community redevelopment and preserving our nation's historic structures, and noting the success of the federal program, several states have adopted new legislation establishing State Historic Rehabilitation Tax Credits.
For younger people," she notes, "the central tax is not income tax, it is FICA, which looms on their paycheck stubs like a Tyrannosaurus rex.
The long-term capital gains tax rate has been lowered, the tax-free profit allowed from the sale of a home has been increased and students can now offset their educational expenses with an annual tax credit.
Armed with ITx and the Dividend Optimizer, the tax organization can put forth timely recommendations that are based on thorough and accurate analysis of all the possible options.
Review the competitiveness of the Canadian corporate income tax structure, especially the tax rates, and encourage the provinces to follow suit with a review of their income, capital, and sales tax regimes; encourage the provinces to harmonize their sales tax systems with the GST, as well.
CPAs also need to be cautious of possible pitfalls when options are underwater, when the company operates in other countries with different tax laws or has a net operating loss.
The tax practitioner hotline is available Monday-Friday, 8 a.