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 ?
* Include the practitioner's conclusion as to the likelihood that the federal tax treatment of the transaction or matter that is the subject of the opinion is the proper treatment and the reasons for that conclusion.
Congress originally launched the AMT in 1979 to prevent wealthy Americans from taking so many deductions that they wound up paying little to no taxes. "It's the legacy of an era when tax rates went as high as 70% and the tax code was full of loopholes for the wealthy," according to Mark Luscombe, CPA, attorney, and principal Federal tax analyst for CCH.
While there hasn't been much momentum for the Tobin tax in the United States since the DeFazio-Wellstone resolution, the issue continues to garner political support on the other side of the Atlantic.
Unfortunately, students projected to enter college in September 2008 may be in a financial aid trap, because income earned on asset dispositions in 2007 or 2008 is counted for financial aid purposes and subject to income tax. Nonetheless, immediate liquidation and depletion of the assets eliminate them as future countable assets and countable income.
Seven European countries have enacted some kind of tax shift, specifically reducing taxes, especially on labor, while also increasing them on pollution, solid waste generation or some other environmental ill.
As Shlaes writes, "We are all Beatles now." Even those of us who are modestly successful - earning, say, $80,000 in a high-tax state like New York or California - are paying marginal tax rates somewhere between 40 percent and 50 percent.
Another area of concern is the appetite of investors, for State Historic Rehabilitation Tax Credits.
If a client has taken advantage of the options in the previous steps and wants to accumulate more retirement savings, it's time to consider investing in an annuity Annuities offer deferred taxes on earnings until payments are received but do not provide any of the other tax advantages that investments in earlier steps do.
Tax Executives Institute appreciates the opportunity to participate in the fall 2006 pre-budget consultations by the House of Commons Standing Committee on Finance.
As one tries to game out what might happen on taxes in the years ahead, the strategy seems to get bigger and bigger: We start by revisiting the Bush tax cuts but move to comprehensive tax reform, and from reform of the income tax, we move to a more sweeping change that would balance taxation of consumption and income.
The second challenge, assuming the time issue can be overcome, is the lack of resources related to accounting for income taxes. Tax textbooks traditionally have not addressed FAS No.