Tax

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Tax

• charge or other levy imposed on an individual or
  a legal entity by a state or functional
  equivalent of a state.

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Economics of taxing a good
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Money collected by virtue of taxes are spent for

• enforcement of law and public order,
• protection of property,
• military defense,
• redistribution of wealth,
• operation of government as such,
• economic infrastructure, namely roads, legal
  tender, etc.,
• public works.

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As far as public services and welfare are
concerned

• healthcare systems,
• unemployment benefits,
• education system,
• pensions,
• public transportation,
• energy, water and waste management systems
• moreover hypothecation

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Types of taxes

• Income tax
• Retirement tax
• Capital gains tax
• Corporation tax
• Poll tax
• Excises
• Sales tax

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Types of taxes

• Tariffs
• Value added tax
• Property taxes
• Transfer taxes
• Inheritance tax
• Wealth (net worth) tax
• Personal property tax

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Income tax

• Annual tax levied by the government, on an
  individual's or corporation's net profit.
• progresie tax
• awkward for the government
• takes into account plenty of things

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Retirement tax

• The tax which employers are required to withhold
  from employees' paychecks, tax which provide
  income to retired workers
• examples Social Security tax, and Medicare tax
• can be considered as regressive one

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Capital gains tax

• Capital gains tax (CGT) is the tax that you pay
  on any capital gain you make and include on your
  annual income tax return
• based on the profits of an accounting period

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Corporation tax

• Currently 30, assessed on corporate profits
  after adjustment for items such as depreciation,
  capital allowances, provisions, etc.
• often include capital gain
• Reinvested profits may not be taxed

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Poll tax

• A capital tax levied equally on every adult in
  the community
• has been connected with voting rights
• are easy to compute and collect and difficult
  to cheat

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Excises tax

• A Federal or state tax imposed on the manufacture
  and distribution of certain non-essential
  consumer goods.
• Examples environmental taxes, communications
  taxes, and fuel taxes
• are based on the quantity, not the value

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Sales tax

• A tax levied by a state or city on the retail
  price of an item, collected by the retailer
• "You pay for what you spend"
• already included in each price in retail sail

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Tariffs

• (custom duty or impost)
• A tax on imported goods
• An ad valorem tax, specific tariff
• A "revenue tariff
• A "protective tariff"
• A prohibitive tariff

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Value added tax

• (VAT or GST goods and services tax)
• The equivalent of a sales tax to every operation
  that creates value. It is levied at the time of
  the sale of goods and services

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Property taxes

• A property tax is usually levied on the value of
  property owned, usually real estate. Property
  taxes may be charged on a recurrent basis, or
  upon a certain event.
• Stamp duty
• Inheritance tax

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Transfer taxes

• A transfer tax is essentially a transaction fee
  (often relatively small in relation to the value
  of property) imposed on the transfer of title to
  property
• Stamp duty
• Notary

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Inheritance tax

• (death duty)
• A form of tax imposed upon the transfer of the
  property of the estate of a deceased person that
  is left to a living person or organisation.

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Wealth (net worth) tax

• Some country's governments will require
  declaration of the tax payers balance sheet
  (assets and liabilities), and from that ask for a
  tax on net worth (assets minus liabilities), as a
  percentage of the net worth, or a percentage of
  the net worth exceeding a certain level.

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Personal property tax

• In many jurisdictions (including many American
  states), there is a general tax levied
  periodically on residents who own personal
  property within the jurisdiction. Vehicle and
  boat registration fees are subsets of this kind
  of tax.
• Household goods are exempt.