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A poll tax, also called a per capita tax, or capitation tax, is a tax that levies a set amount per individual. It is an example of the concept of fixed tax. One of the earliest taxes mentioned in the Bible of a half-shekel per annum from each adult Jew (Ex. 30:11–16) was a form of the poll tax. Poll taxes are administratively cheap because ...
Taxes may be imposed on individuals (natural persons), business entities, estates, trusts, or other forms of organization. Taxes may be based on property, income, transactions, transfers, importations of goods, business activities, or a variety of factors, and are generally imposed on the type of taxpayer for whom such tax base is relevant ...
Specific utility taxes - in this case, certain services are provided on a utility basis and consumers are charged fees, user charges, or tolls. Taxes instead of fees - In cases where direct fees are costly to impose, a tax on the free product can be used instead of fees. For example, taxes can be used in lieu of tolls on automobiles.
Tax revenue is required to fund the provision of public goods and other government services, as well as for redistribution from rich to poor individuals. However, most taxes distort individual behavior, because the activity that is taxed becomes relatively less desirable; for instance, taxes on labour income reduce the incentive to work. [2]
Here, the requirement is that taxes must be geographically uniform throughout the United States. This means taxes affected by this provision must function "with the same force and effect in every place where the subject of it is found." [38] However, this clause does not require revenues raised by the tax from each state be equal.
Interest on home equity loans and lines of credit (sometimes): You can deduct interest payments on home equity loans and lines of credit, but only when you use the money to buy, build, or ...
In effect, selling a bond at a discount converts stated principal into a return on investment, or interest. The accurate determination of principal and interest is necessary in United States tax law to determine the basis of property and to determine whether an amount paid is deductible and includible as interest, or simply a nontaxable debt ...
This is an accepted version of this page This is the latest accepted revision, reviewed on 18 December 2024. This article is about the financial term. For other uses, see Interest (disambiguation). Sum paid for the use of money A bank sign in Malawi listing the interest rates for deposit accounts at the institution and the base rate for lending money to its customers In finance and economics ...