TAX Meaning and
Definition
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Tax is a compulsory financial charge or levy imposed by a government on individuals, businesses, or other entities based on their income, wealth, or activities. It is a form of revenue generation for the government and is utilized to finance public services, projects, and infrastructure. The primary objective of taxation is to fund economic and social development, maintain public order, and promote the welfare of the citizens.
Taxation involves various types and forms, such as income tax, property tax, sales tax, corporate tax, and value-added tax (VAT), among others. The specific tax rates and rules may vary depending on the jurisdiction and the purpose for which the tax is being levied.
Taxes are typically collected by designated agencies or departments of the government, such as the Internal Revenue Service (IRS) in the United States, Her Majesty's Revenue and Customs (HMRC) in the United Kingdom, and the Federal Tax Service (FTS) in Russia. Individuals and businesses are required to report their income, assets, expenses, and other relevant information to these authorities on a regular basis.
Failure to comply with tax obligations may result in penalties, fines, or even legal consequences. However, governments also provide certain tax deductions, exemptions, and credits to encourage desirable activities or behaviors, support specific industries, or provide relief during difficult economic times.
Overall, tax is an essential component of a functioning government, enabling them to collect resources necessary for public services, maintain social equality, and achieve economic stability.
Top Common Misspellings for TAX *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for TAX
Etymology of TAX
The word "tax" originated from the Latin word "taxare", which means "to evaluate" or "to assess". It came into the English language around the 14th century through Old French, where it was spelled as "taxe" or "tasse". The term originally referred to a monetary charge or assessment imposed by authority or the act of imposing such charges on individuals or properties. Over time, "tax" evolved to describe the various forms of financial charges levied by governments on income, property, goods, or services.
Idioms with the word TAX
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tax sm or sth with sth
The idiom "tax someone or something with something" means to burden or impose a demanding or challenging situation, responsibility, or requirement on someone or something. It implies placing a heavy load or pressure on someone or something. This phrase is usually used metaphorically rather than in the literal sense of taxing someone or something financially.
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a sin tax
The idiom "a sin tax" refers to a government-imposed tax on products that are considered to be harmful or morally questionable, such as alcohol, tobacco, gambling, or certain luxury items. This type of tax is often intended to discourage the consumption of these products and generate revenue for the government.
Similar spelling words for TAX
- taka,
- tasse,
- taxi,
- taegu,
- tacky,
- taco,
- taos,
- Tacey,
- Tacy,
- Tasha,
- tague,
- tasso,
- tacca,
- tach,
- take,
- tasch,
- Tasia,
- Tash,
- tagg,
- tack,
- tag,
- tawse,
- task.
Conjugate verb Tax
CONDITIONAL PERFECT
I
would have taxed
you
would have taxed
he/she/it
would have taxed
we
would have taxed
they
would have taxed
I
would have tax
you
would have tax
he/she/it
would have tax
we
would have tax
they
would have tax
CONDITIONAL PERFECT PROGRESSIVE
I
would have been taxing
you
would have been taxing
he/she/it
would have been taxing
we
would have been taxing
they
would have been taxing
CONDITIONAL PRESENT
I
would tax
you
would tax
he/she/it
would tax
we
would tax
they
would tax
CONDITIONAL PRESENT PROGRESSIVE
I
would be taxing
you
would be taxing
he/she/it
would be taxing
we
would be taxing
they
would be taxing
FUTURE
I
will tax
you
will tax
he/she/it
will tax
we
will tax
they
will tax
FUTURE CONTINUOUS
I
will be taxing
you
will be taxing
he/she/it
will be taxing
we
will be taxing
they
will be taxing
FUTURE PERFECT
I
will have taxed
you
will have taxed
he/she/it
will have taxed
we
will have taxed
they
will have taxed
FUTURE PERFECT CONTINUOUS
I
will have been taxing
you
will have been taxing
he/she/it
will have been taxing
we
will have been taxing
they
will have been taxing
IMPERATIVE
you
tax
we
let´s tax
to tax
PAST CONTINUOUS
I
was taxing
you
were taxing
he/she/it
was taxing
we
were taxing
they
were taxing
PAST PARTICIPLE
taxed
PAST PERFECT
I
had taxed
you
had taxed
he/she/it
had taxed
we
had taxed
they
had taxed
PAST PERFECT CONTINUOUS
I
had been taxing
you
had been taxing
he/she/it
had been taxing
we
had been taxing
they
had been taxing
PRESENT
I
tax
you
tax
he/she/it
taxes
we
tax
they
tax
PRESENT CONTINUOUS
I
am taxing
you
are taxing
he/she/it
is taxing
we
are taxing
they
are taxing
PRESENT PARTICIPLE
taxing
PRESENT PERFECT
I
have taxed
you
have taxed
he/she/it
has taxed
we
have taxed
they
have taxed
PRESENT PERFECT CONTINUOUS
I
have been taxing
you
have been taxing
he/she/it
has been taxing
we
have been taxing
they
have been taxing
PRESENT SUBJUNCTIVE
he/she/it
tax
SIMPLE PAST
I
taxed
you
taxed
he/she/it
taxed
we
taxed
they
taxed
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