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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) |
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Part of the reason for this is society's increasing reliance on the Internal Revenue Code, not merely to raise revenue from individuals and entities to fund governmental operations, foster economic growth, and enable prosperity, but also to advance social and economic policies that, while perhaps laudable, impose heavy costs on the tax system and its participants. Brooks points out, however, that this increase is not a result of the tax system becoming more progressive. 1 states that our self-assessment tax system can only function effectively if taxpayers file tax returns that are true, correct and complete. |
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