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Documents for "Taxation":

• capital levy form of taxation by which the government takes part of the capital of any person or business, as distinguished from a tax on personal or business income. It is usually applied to all capital above...

• colonial preference see tariff.

• corporation tax imposts levied by federal, state, or local governments against corporations, their income, or their peculiar attributes, such as charters, capitalization, dividends, and franchises. In the United...

• customs duty see tariff.

• duty in taxation: see tariff ; excise taxes.

• estate tax see inheritance tax.

• excess profits tax levy on any profit above a standard level. Chiefly a wartime phenomenon, it is intended to increase revenue during periods of distress and to prevent businessmen from taking unfair advantage of the...

• excise taxes governmental levies on specific goods produced and consumed inside a country. They differ from tariffs , which usually apply only to foreign-made goods, and from sales taxes , which typically apply to all commodities other than those specifically exempted. In their modern form, excise taxes were first developed by Holland in the 17th cent. and established by law in...

• farming in the history of taxation , collection of taxes through private contractors. Usually, the tax farmer paid a lump sum to the public treasury; the difference between that sum and the sum actually collected represented his...

• farming the taxes see farming , in taxation.

• income tax assessment levied upon individual or corporate incomes. Although personal incomes were occasionally taxed in medieval Italian cities, the income tax is essentially a modern form of taxation. The...

• inheritance tax assessment made on the portion of an estate received by an individual; it differs from an estate tax, which is a tax levied on an entire estate before it is distributed to individuals. The inheritance tax is usually progressive and is determined by the amount of property received by the...

• land tax impost levied upon real property. It is sometimes called a real estate tax, especially when assessed against both improved and unimproved land. Probably the earliest direct tax and formerly the...

• luxury tax levy on articles that are not essential to a normal standard of living. Such taxes may be imposed strictly for revenue purposes or they may be intended to discourage consumption of certain...

• sales tax levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the...

• single tax any levy that serves as the government's only source of revenue. Generally, however, it is understood to mean a tax derived from economic rent and used as the sole source of public receipts. As such, it is based on the doctrine that land and the natural resources are the source of all wealth, and it corresponds substantially to the impôt unique of the 18th-century physiocrats. Basic to the theory is the belief that the land and its wealth belong to all. The most effective advocate of the single tax was Henry George , who held that economic rent tends to enrich the owner at the expense of the community and is thus the cause of poverty; he believed that by appropriating all (or nearly all) economic rent...

• stamp tax method of collecting duties on certain transactions by means of a validating stamp attached to the taxable instrument, which may be a judicial act, a commercial document, a transfer of property, or...

• tariff tax on imported and, more rarely, exported goods. It is also called a customs duty. Tariffs may be distinguished from other taxes in that their predominant purpose is not financial but economic—not...

• tax exemption immunity from the requirement of paying taxes. Federal, state, and usually local law provide exemption from taxation for a wide variety of organizations, usually not-for-profit, such as churches,...

• tax shelter see tax exemption.