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Excise
file:Lincoln Beer Stamp 1871.JPG, upright=1.2, 1871 U.S. Revenue stamp for 1/6 barrel of beer. Brewers would receive the stamp sheets, cut them into individual stamps, cancel them, and paste them over the Bunghole, bung of the beer barrel so when the barrel was tapped it would destroy the stamp. An excise, or excise tax, is any duty (economics), duty on manufactured goods (economics), goods that is normally levied at the moment of manufacture for internal consumption rather than at sale. It is therefore a fee that must be paid in order to consume certain products. Excises are often associated with customs duties, which are levied on pre-existing goods when they cross a designated border in a specific direction; customs are levied on goods that become taxable items at the ''border'', while excise is levied on goods that came into existence ''inland''. An excise is considered an indirect tax, meaning that the producer or seller who pays the levy to the government is expected to try ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indirect Tax
An indirect tax (such as a sales tax, per unit tax, value-added tax (VAT), excise tax, consumption tax, or tariff) is a tax that is levied upon goods and services before they reach the customer who ultimately pays the indirect tax as a part of market price of the good or service purchased. Alternatively, if the entity who pays taxes to the tax collecting authority does not suffer a corresponding reduction in income, i.e., the effect and tax incidence are not on the same entity meaning that tax can be shifted or passed on, then the tax is indirect. An indirect tax is collected by an intermediary (such as a retail store) from the person (such as the consumer) who pays the tax included in the price of a purchased good. The intermediary later files a tax return and forwards the tax proceeds to government with the return. In this sense, the term indirect tax is contrasted with a direct tax, which is collected directly by government from the persons (legal or natural) on whom it is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value-added Tax
A value-added tax (VAT or goods and services tax (GST), general consumption tax (GCT)) is a consumption tax that is levied on the value added at each stage of a product's production and distribution. VAT is similar to, and is often compared with, a sales tax. VAT is an indirect tax, because the consumer who ultimately bears the burden of the tax is not the entity that pays it. Specific goods and services are typically exempted in various jurisdictions. Products exported to other countries are typically exempted from the tax, typically via a rebate to the exporter. VAT is usually implemented as a destination-based tax, where the tax rate is based on the location of the customer. VAT raises about a fifth of total tax revenues worldwide and among the members of the Organisation for Economic Co-operation and Development (OECD). As of January 2025, 175 of the Member states of the United Nations, 193 countries with UN membership employ a VAT, including all OECD members except the Tax ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sales Tax
A sales tax is a tax paid to a governing body for the sales of certain goods and services. Usually laws allow the seller to collect funds for the tax from the consumer at the point of purchase. When a tax on goods or services is paid to a governing body directly by a consumer, it is usually called a use tax. Often laws provide for the Tax exemption, exemption of certain goods or services from sales and use tax, such as food, education, and medicines. A value-added tax (VAT) collected on goods and services is related to a sales tax. See Value-added tax#Comparison with sales tax, Comparison with sales tax for key differences. Types Conventional or retail sales tax is levied on the sale of a good to its final good, final end-user and is charged every time that item is sold retail. Sales to businesses that later resell the goods are not charged the tax. A purchaser who is not an end-user is usually issued a "resale certificate" by the taxing authority and required to provide the cer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tenures Abolition Act 1660
The Tenures Abolition Act 1660 ( 12 Cha. 2. c. 24), sometimes known as the Statute of Tenures, was an act of the Parliament of England which changed the nature of several types of feudal land tenure in England. The long title of the act was ''An Act away the Court of Wards and Liveries, and Tenures in Capite, and by Knights-service, and Purveyance, and for settling a Revenue upon his Majesty in Lieu thereof''. Passed by the Convention Parliament in 1660, shortly after the English Restoration, the act replaced various types of military and religious service that tenants owed to the Crown with socage, and compensated the monarch with an annual fixed payment of £100,000 to be raised by means of a new tax on alcohol. ( Frankalmoin, copyhold, and certain aspects of grand serjeanty were excluded.) It completed a process that had begun in 1610 during the reign of James I with the proposal of the Great Contract. The act made constitutional gestures to reduce feudalism and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Green Tax
An environmental tax, ecotax (short for ecological taxation), or green tax is a tax levied on activities which are considered to be harmful to the environment and is intended to promote environmentally friendly alternatives via economic incentives. One notable example is a carbon tax. Such a policy can complement or avert the need for regulatory ( command and control) approaches. Often, an ecotax policy proposal may attempt to maintain overall tax revenue by proportionately reducing other taxes (e.g. taxes on wages and income or property taxes); such proposals are known as a green tax shift towards ecological taxation. Ecotaxes address the failure of free markets to consider environmental impacts. Ecotaxes are examples of Pigouvian taxes, which are taxes on goods whose production or consumption creates external costs or externalities. An example might be philosopher Thomas Pogge's proposed Global Resources Dividend. Categories of Environmental Taxes The term, environmental ta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sin Tax
A sin tax (also known as a sumptuary tax, or vice tax) is an excise tax specifically levied on certain goods deemed harmful to society and individuals, such as Alcohol tax, alcohol, tobacco tax, tobacco, drugs, candy, soft drinks, fast foods, coffee, sugar, gambling, vaping, cannabis (wherever legal for recreational use) and pornography. In contrast to Pigovian taxes, which are to pay for the damage to society caused by these goods, sin taxes increase the price in an effort to decrease the use of these goods. Increasing a sin tax is often more popular than increasing other taxes. However, these taxes have often been criticized for regressive tax, burdening the poor and disproportionately taxing the physically and mentally dependent. Summary The enactment of sin taxes on harmful activities varies by jurisdiction. In many cases, sumptuary taxes are implemented to mitigate use of alcohol and tobacco, gambling, and vehicles emitting excessive pollutants. Sumptuary tax on sugar and s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sumptuary Tax
A sin tax (also known as a sumptuary tax, or vice tax) is an excise tax specifically levied on certain goods deemed harmful to society and individuals, such as alcohol, tobacco, drugs, candy, soft drinks, fast foods, coffee, sugar, gambling, vaping, cannabis (wherever legal for recreational use) and pornography. In contrast to Pigovian taxes, which are to pay for the damage to society caused by these goods, sin taxes increase the price in an effort to decrease the use of these goods. Increasing a sin tax is often more popular than increasing other taxes. However, these taxes have often been criticized for burdening the poor and disproportionately taxing the physically and mentally dependent. Summary The enactment of sin taxes on harmful activities varies by jurisdiction. In many cases, sumptuary taxes are implemented to mitigate use of alcohol and tobacco, gambling, and vehicles emitting excessive pollutants. Sumptuary tax on sugar and soft drinks has also been suggested. So ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gasoline
Gasoline ( North American English) or petrol ( Commonwealth English) is a petrochemical product characterized as a transparent, yellowish, and flammable liquid normally used as a fuel for spark-ignited internal combustion engines. When formulated as a fuel for engines, gasoline is chemically composed of organic compounds derived from the fractional distillation of petroleum and later chemically enhanced with gasoline additives. It is a high-volume profitable product produced in crude oil refineries. The ability of a particular gasoline blend to resist premature ignition (which causes knocking and reduces efficiency in reciprocating engines) is measured by its octane rating. Tetraethyl lead was once widely used to increase the octane rating but is not used in modern automotive gasoline due to the health hazard. Aviation, off-road motor vehicles, and racing car engines still use leaded gasolines. Other substances are frequently added to gasoline to improve chemical st ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
A Dictionary Of The English Language
''A Dictionary of the English Language'', sometimes published as ''Johnson's Dictionary'', was published on 15 April 1755 and written by Samuel Johnson. It is among the most influential dictionary, dictionaries in the history of the English language. There was dissatisfaction with the dictionaries of the period, so in June 1746 a group of London booksellers contracted Johnson to write a dictionary for the sum of 1,500 Guinea (British coin), guineas (£1,575), equivalent to about £ in . Johnson took seven years to complete the work, although he had claimed he could finish it in three. He did so single-handedly, with only clerical assistance to copy the illustrative quotations that he had marked in books. Johnson produced several revised editions during his life. Until the completion of the ''Oxford English Dictionary'' 173 years later, Johnson's was viewed as the pre-eminent English dictionary. According to Walter Jackson Bate, the Dictionary "easily ranks as one of the g ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Per Unit Tax
A per unit tax, or specific tax, is a tax that is defined as a fixed amount for each unit of a good or service sold, such as cents per kilogram. It is thus proportional to the particular quantity of a product sold, regardless of its price. Excise taxes, for instance, fall into this tax category. By contrast, an ad valorem An ''ad valorem'' tax (Latin for "according to value") is a tax whose amount is based on the value of a transaction or of a property. It is typically imposed at the time of a transaction, as in the case of a sales tax or value-added tax (VAT). A ... tax is a charge based on a fixed percentage of the product value. Per unit taxes have administrative advantages when it is easy to measure quantities of the product or service being sold. Effect on supply curve Any tax will raise cost of production hence shift the supply curve to the left. In the case of specific tax, the shift will be purely parallel because the amount of tax is the same at all prices. That amou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ad Valorem Tax
An ''ad valorem'' tax (Latin for "according to value") is a tax whose amount is based on the value of a transaction or of a property. It is typically imposed at the time of a transaction, as in the case of a sales tax or value-added tax (VAT). An ''ad valorem'' tax may also be imposed annually, as in the case of a real or personal property tax, or in connection with another significant event (e.g. inheritance tax, expatriation tax, or tariff). In some countries, a stamp duty is imposed as an ''ad valorem'' tax. Operation All ad valorem taxes are collected according to the determined value of the taxed item. In the most common application of ad valorem taxes, namely municipal property taxes, public tax assessors regularly assess the property owner's real estate in order to determine its current value. The determined value of the property is used to calculate the annual tax collected by the municipality or any other government entity upon the property owner. Ad valorem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
