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Concept
Tax
Summary
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to collectively fund government spending, public expenditures, or as a way to regulate and reduce negative externalities. Tax compliance refers to policy actions and individual behaviour aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax reliefs. The first known taxation took place in Ancient Egypt around 3000–2800 BC. Taxes consist of direct or indirect taxes and may be paid in money or as its labor equivalent.
All countries have a tax system in place, in order to pay for public, common societal, or agreed national needs and for the functions of government. Some countries levy a flat percentage rate of taxation on personal annual income, but most scale taxes are progressive based on brackets of annual income amounts. Most countries charge a tax on an individual's income as well as on corporate income. Countries or subunits often also impose wealth taxes, inheritance taxes, estate taxes, gift taxes, property taxes, sales taxes, use taxes, environmental taxes, payroll taxes, duties and/or tariffs. It is also possible to levy a tax on tax, as with a gross receipts tax.
In economic terms (circular flow of income), taxation transfers wealth from households or businesses to the government. This has effects on economic growth and economic welfare that can be both increased (known as fiscal multiplier) or decreased (known as excess burden of taxation). Consequently, taxation is a highly debated topic by some, as although taxation is deemed necessary by general consensus in order for society to function and grow in an orderly and equitable manner through the government provision of public goods and public services, others such as libertarians and anarcho-capitalists are anti-taxation and denounce taxation broadly or in its entirety, classifying taxation as theft or extortion through coercion along with the use of force.
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A poll tax, also known as head tax or capitation, is a tax levied as a fixed sum on every liable individual (typically every adult), without reference to income or resources. Poll is an archaic term for "head" or "top of the head". The sense of "counting heads" is found in phrases like polling place and opinion poll. Head taxes were important sources of revenue for many governments from ancient times until the 19th century. In the United Kingdom, poll taxes were levied by the governments of John of Gaunt in the 14th century, Charles II in the 17th and Margaret Thatcher in the 20th century.
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Public finance is the study of the role of the government in the economy. It is the branch of economics that assesses the government revenue and government expenditure of the public authorities and the adjustment of one or the other to achieve desirable effects and avoid undesirable ones. The purview of public finance is considered to be threefold, consisting of governmental effects on: The efficient allocation of available resources; The distribution of income among citizens; and The stability of the economy.
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Smuggling is the illegal transportation of objects, substances, information or people, such as out of a house or buildings, into a prison, or across an international border, in violation of applicable laws or other regulations. More broadly, social scientists define smuggling as the purposeful movement across a border in contravention to the relevant legal frameworks. There are various motivations to smuggle.
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