News tagged with tax

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Latest supreme court ruling on Obamacare looms

(HealthDay)—Millions of Americans who bought health insurance under Obamacare will soon learn the fate of billions of dollars in federal tax credits that keep their monthly health plan premiums affordable.

Jun 16, 2015
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Beijing raises cigarette tax to deter smoking

China will more than double the tax on tobacco to 11 percent, the government announced Friday, as authorities try to deter smoking in the world's largest producer and consumer of tobacco.

May 08, 2015
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Should we tax unhealthy foods?

What does a 20-ounce bottle of soda cost? If you said 99 cents, you are only partly right. While that may be the price on the sticker at the store, it doesn't take into account the cost to public health. One study, for example, ...

Mar 31, 2015
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Tax

To tax (from the latin taxare: to estimate, which in turn is from tangere: to touch) is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state.

Taxes are also imposed by many subnational entities. Taxes consist of direct tax or indirect tax, and may be paid in money or as its labour equivalent (often but not always unpaid). A tax may be defined as a "pecuniary burden laid upon individuals or property to support the government […] a payment exacted by legislative authority." A tax "is not a voluntary payment or donation, but an enforced contribution, exacted pursuant to legislative authority" and is "any contribution imposed by government […] whether under the name of toll, tribute, tallage, gabel, impost, duty, custom, excise, subsidy, aid, supply, or other name."

In modern taxation systems, taxes are levied in money, but in-kind and corvée taxation are characteristic of traditional or pre-capitalist states and their functional equivalents. The method of taxation and the government expenditure of taxes raised is often highly debated in politics and economics. Tax collection is performed by a government agency such as Canada Revenue Agency, the Internal Revenue Service (IRS) in the United States, or Her Majesty's Revenue and Customs (HMRC) in the UK. When taxes are not fully paid, civil penalties (such as fines or forfeiture) or criminal penalties (such as incarceration) may be imposed on the non-paying entity or individual.

This text uses material from Wikipedia licensed under CC BY-SA