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Tax

Definition - What does Tax mean?

Tax refers to a charge by the government on the value of property, transactions, income, profit and certain licenses.

Taxes may include property tax, income tax, sales tax, taxes on certain gifts, etc. These taxes are collected on a federal, state, county or city level.

Justipedia explains Tax

Taxes are important for the functioning of the government and sectors associated with it, such as public healthcare and education.

Different countries and even different states can have different tax laws. For example, citizens in the UK might pay up to 40% income tax, while people in India pay only 30%.

In some states in the U.S., there is no sales tax on certain purchases, while in other states there is.

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