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Taxation definition wiki

Taxation rates may vary by type or characteristics of the taxpayer. Income tax generally is computed as the product of a tax rate times taxable income. The act or practice of imposing taxes. The tax is levied by the governing authority of the jurisdiction in which the property is located. Taxation definition: Taxation is the system by which a government takes money from people and spends it on | Meaning, pronunciation, translations and examplesTax is money that people have to pay to the government. A property tax or millage rate is an ad valorem tax on the value of a property, usually levied on real estate. n 1. International taxation is the study or determination of tax on a person or business subject to the tax laws of different countries, or the international aspects of an individual country's tax laws as the case may be. n. For example, reduction in taxable personal (or household) income by the amount paid as interest on home mortgage loans results in greater Taxation definition is - the action of taxing; especially : the imposition of taxes. " [18] Both the federal and state governments levy excise taxes on goods such as alcohol, motor fuel, and tobacco products. taxation synonyms, taxation pronunciation, taxation translation, English dictionary definition of taxation. An excise (under definition B) has been defined as '"a tax upon manufacture, sale or for a business license or charter, as distinguished from a tax on real property, income or estates. 2. 1. Revenue gained from taxes. Some think to tax the wealthy is the fairest. An income tax is a tax imposed on individuals or entities that varies with respective income or profits (taxable income). a. Like an income tax, it is based on the increase in value of a product or service at each stage of production or distribution. An assessed amount of tax. While authorizing Congress to levy taxes, this clause permits the levying of taxes for two purposes only: to pay the debts of the . This can be a national government, a federated state, a county or geographical region or a municipality. The process whereby charges are imposed on individuals or property by the legislative branch of the federal government and by many state governments to raise funds for pOct 09, 2019 · tax (third-person singular simple present taxes, present participle taxing, simple past and past participle taxed) ( transitive ) To impose and collect a tax from (a person or company). Governments usually limit the scope of their income taxation in some manner territorially or provide for offsets to taxation relating to extraterritorial income. 3. The fact of being taxed. How to use taxation in a sentence. Primary taxation issues facing the governments world over include; Taxes on A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. Governments use taxation to encourage or discourage certain economic decisions. The government uses the money it gets from taxes to pay for things. b. The Taxing and Spending Clause (which contains provisions known as the General Welfare Clause) and the Uniformity Clause, Article I, Section 8, Clause 1 of the United States Constitution, grants the federal government of the United States its power of taxation. Tax law or revenue law is an area of legal study which deals with the constitutional, common-law, statutory, tax treaty, and regulatory rules that constitute the law applicable to taxation. taxation: A means by which governments finance their expenditure by imposing charges on citizens and corporate entities. For example, taxes are used to pay for people who work for the government, such as the military and police, provide services such as education and health care, and to maintain or build things like roads, bridges and sewersDefine taxation. Major issues. the act orTaxation.

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