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income tax

(Encyclopedia)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 taxatio...

corporation tax

(Encyclopedia)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. I...

tax exemption

(Encyclopedia)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...

estate tax

(Encyclopedia)estate tax: see inheritance tax. ...

inheritance tax

(Encyclopedia)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...

luxury tax

(Encyclopedia)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...

land tax

(Encyclopedia)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 ...

stamp tax

(Encyclopedia)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 prop...

tax shelter

(Encyclopedia)tax shelter: see tax exemption.

single tax

(Encyclopedia)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 receipt...