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WHAT ARE TAXES?
“The term taxes is confined to compulsory, unrequited payments to general government”
OECD 1988
Taxes can therefore be distinguished from voluntary contributions, and also from fees for services provided. ... It may be either broadly based for example VAT, or narrowly based for example alcohol taxes, gambling taxes, stamp duties.
Income
Income taxes are taxes on (usually) annual income. ...
Wealth
Wealth taxes can take the form of an annual tax on assets minimum liabilities, or a one off tax on death i. ... Land and property taxes are also a form of wealth tax. ...
This leads to the distinction between direct taxes, which are not passed on, and indirect taxes which are passed on. ...
EVALUATING TAXES
EQUITY OR FAIRNESS
The modern principle of equity invariably relies upon “ability to pay” considerations. ... Excess burdens do not of course only arise from taxes, they arise from any interference with consumer choice which results in a less desired commodity being consumed. ...
* Departures from neutrality, whether in the form of concessions or lack of alignment between different taxes, are some of the principal building blocks which so-called tax planners use to erect schemes of legal tax avoidance, often of a highly artificial kind. ...
Death taxes
The notion of taxing a deceased person’s estate is a long standing one in the UK tax system. ...
ALLOWABLE EXPENSES
Tax under Schedule E is charged on the full amount of the emoluments falling under that case, subject only to such deductions as may be authorised by the Taxes Acts. ...
When considering alternative investments, it is important to consider not only the explicit taxes, that is the tax liability attaching to a particular investment return, but also implicit taxes. Implicit taxes are reflected in a lower rate of return on tax preferred investments.
Approximate Word count = 6485
Approximate Pages = 25.9
(250 words per page double spaced)
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