News tagged with tax

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Earned income tax credit program is a boon for health

A new study by researchers at Columbia University's Mailman School of Public Health reports that the Earned Income Tax Credit program is not only good for people's pocketbooks, but also for their health. Findings showed that ...

Sep 07, 2016
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Boost minimum wage and babies benefit: study

(HealthDay)—Raising the minimum hourly wage in every state by as little as $1 above the federal level might lead to fewer infant deaths and cases of low birth weight babies, a new study suggests.

Jun 16, 2016
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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

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