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sales tax
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 retailer, who remits the tax to the government. It may be levied each time a commodity chang...
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value-added tax
value-added tax (VAT), levy imposed on business at all levels of the manufacture and production of a good or service and based on the increase in price, or value, provided by each level. Because the consumer ultimately pays a higher price for the taxed commodity, a VAT is essentially a hidden sales...
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land tax
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 chief source of government revenue, it was known in ancient China and Egypt. Until modern times,...
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excise taxes
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, excis...
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income tax
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 first important income tax was levied in Great Britain from 1799 to 1816 in order to raise fu...
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rebate
rebate partial refund of the total price paid for goods or services. In the United States, rebates were historically given by railroads to favored shippers as a return on transportation charges. The Elkins Act (1903), the Hepburn Act (1906), and the regulations of the Interstate Commerce Commissio...
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taxation
taxation system used by governments to obtain money from people and organizations. The revenue collected is used by the government to support itself and to provide public services. Aside from being relatively permanent, taxation is compulsory and does not guarantee a direct relationship between the...
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Henry George
Henry George 1839-97, American economist, founder of the single tax movement, b. Philadelphia. Of a poor family, his formal education was cut short at 14, and in 1857 he emigrated to California; there he worked at various occupations before turning to newspaper writing in San Francisco. George's ...
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white-collar crime
white-collar crime term coined by Edward Sutherland for nonviolent crimes committed by corporations or individuals such as office workers or sales personnel (see white-collar workers ) in the course of their business activities. White-collar crimes include embezzlement, false advertising, bribery,...
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William Levitt
William Levitt
William Levitt (1907-1994) gained national attention as the man who mass produced houses at a rate of one every 16 minutes. He was introduced to Americans on the July 3, 1950 cover of Time magazine as the "cocky rambunctious hustler" prone to exaggeration. Levitt touted his communi...
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