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Excise taxes can be (and are) set by federal, state, and local jurisdictions. Many taxes are called an excise tax in the statute imposing that tax (an excise in the statutory law sense) even though they could more accurately be called some other kind of tax. Different taxes have accumulated over the years under the excise tax classification.
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]
The effect of this type of tax can be illustrated on a standard supply and demand diagram. Without a tax, the equilibrium price will be at Pe and the equilibrium quantity will be at Qe. After a tax is imposed, the price consumers pay will shift to Pc and the price producers receive will shift to Pp. The consumers' price will be equal to the ...
The Ming Ministry of War sent approximately 140,000 liang (approximately 7 tonnes) of silver to its soldiers and required provinces to provide silver as tax for the war effort as well. [47] In the sixteenth century, the daimyos of Southwest Japan hoped for unhinged global trade but were stopped due to Ming China trade policies.
Export subsidies are also generated when internal price supports, as in a guaranteed minimum price for a commodity, create more production than can be consumed internally in the country. (These price supports are often coupled with import tariffs, which keeps the domestic price high by discouraging or taxing imports on the difference between ...
(Reuters) -Major food companies, including Kraft Heinz, Mondelez and Coca-Cola, were hit with a new lawsuit in the U.S. on Tuesday accusing them of designing and marketing "ultra-processed" foods ...
Excise taxes are specific taxes applied to production, distribution or sale of a commodity or service, such as alcohol, tobacco, gasoline, sugary drinks, marijuana, plastic bags, indoor tanning, bicycles, firearms, and gambling.
The NFL moved the Los Angeles Rams’ playoff game against the Minnesota Vikings out of Southern California on Thursday, the biggest of several changes to the sports calendar after days of ...