Finance Act 2001

The Finance Act 2001 is an Act of the Parliament of the United Kingdom prescribing changes to Excise Duties, Value Added Tax, Income Tax, Corporation Tax, and Capital Gains Tax. It enacts the 2001 Budget speech made by Chancellor of the Exchequer Gordon Brown to the Parliament of the United Kingdom. In the UK, the Chancellor delivers an annual Budget speech outlining changes in spending, tax and duty. The respective year's Finance Act is the mechanism to enact the changes. The rules governing the various taxation methods are contained within the various taxation acts. (For instance Capital Gains Tax Legislation is contained within Taxation of Chargeable Gains Act 1992.

Imputed rent

imputedowner-imputed rent
The absence of taxes on imputed rents is also referred to as Home-Ownership Bias. for owner-occupiers, as a small percentage (4–6%) of the capital accrued in the property. for public housing tenants, as the difference between rent paid and the average rent for a similar property in the same location. for those living rent-free, as the estimate of the rent they would have to pay to rent a similar property in the same location. for renters in the private market, as zero. Imputed income. Land value tax. Property tax.

Transfer pricing

cost-sharing agreementcost sharing agreementmethod used in transfer pricing
To qualify, the documentation must reasonably support the prices used in computing tax. U.S. tax law requires that the foreign transferee/user of intangible property (patents, processes, trademarks, know-how, etc.) will be deemed to pay to a controlling transferor/developer a royalty commensurate with the income derived from using the intangible property. This applies whether such royalty is actually paid or not. This requirement may result in withholding tax on deemed payments for use of intangible property in the U.S. OECD guidelines are voluntary for member nations. Some nations have adopted the guidelines almost unchanged.

Congestion pricing

congestion chargecongestion chargingroad congestion pricing
Usually this means increasing prices during certain periods of time or at the places where congestion occurs; or introducing a new usage tax or charge when peak demand exceeds available supply in the case of a tax-funded public good provided free at the point of usage.

World Trade Organization

WTOWTrOWorld Trade Organisation
The General Agreement on Trade in Services was created to extend the multilateral trading system to service sector, in the same way as the General Agreement on Tariffs and Trade (GATT) provided such a system for merchandise trade. The agreement entered into force in January 1995. The Agreement on Trade-Related Aspects of Intellectual Property Rights sets down minimum standards for many forms of intellectual property (IP) regulation. It was negotiated at the end of the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) in 1994.

Union (American Civil War)

UnionUnionistNorth
By contrast the Confederacy gave paper promissory notes when it seized property, so that even loyal Confederates would hide their horses and mules rather than sell them for dubious paper. Overall the Northern financial system was highly successful in raising money and turning patriotism into profit, while the Confederate system impoverished its patriots. The United States needed $3.1 billion to pay for the immense armies and fleets raised to fight the Civil War—over $400 million just in 1862 alone. Apart from tariffs, the largest revenue by far came from new excise taxes—a sort of value added tax—that was imposed on every sort of manufactured item.

Australian Taxation Office

Australian Tax OfficeATOCommissioner of Taxation
Income Tax Assessment Act 1936. Income Tax Assessment Act 1997. Business activity statement. List of Australian government entities. Tax file number. TaxPack. Australian Taxation Office. ATO Facebook profile. ATO Twitter profile. Working for all Australians 1910–2010. Annual reports. Taxpayers' Charter.

Milton Friedman

FriedmanFriedman, MiltonMilton
Like any other measures to alleviate poverty, it reduces the incentives of those helped to help themselves, but it does not eliminate that incentive entirely, as a system of supplementing incomes up to some fixed minimum would. An extra dollar earned always means more money available for expenditure." Friedman argued further that other advantages of the negative income tax were that it could fit directly into the tax system, would be less costly, and would reduce the administrative burden of implementing a social safety net.

Transport

transportationtransportation infrastructuretransport infrastructure
Transport is often a natural monopoly and a necessity for the public; roads, and in some countries railways and airports are funded through taxation. New infrastructure projects can have high costs and are often financed through debt. Many infrastructure owners, therefore, impose usage fees, such as landing fees at airports, or toll plazas on roads. Independent of this, authorities may impose taxes on the purchase or use of vehicles. Because of poor forecasting and overestimation of passenger numbers by planners, there is frequently a benefits shortfall for transport infrastructure projects. A vehicle is a non-living device that is used to move people and goods.

Switzerland

SwissSwiss ConfederationSWI
The main sources of income for the federal government are the value-added tax (33%) and the direct federal tax (29%) and the main expenditure is located in the areas of social welfare and finance & tax. The expenditures of the Swiss Confederation have been growing from 7% of GDP in 1960 to 9.7% in 1990 and to 10.7% in 2010. While the sectors social welfare and finance & tax have been growing from 35% in 1990 to 48.2% in 2010, a significant reduction of expenditures has been occurring in the sectors of agriculture and national defence; from 26.5% in to 12.4% (estimation for the year 2015).

Denmark

DanishKingdom of DenmarkConstituent country
Also related: Taxation in the Faroe Islands and Taxation in Greenland Danes enjoy a high standard of living and the Danish economy is characterised by extensive government welfare provisions. Denmark has a corporate tax rate of 22% and a special time-limited tax regime for expatriates. The Danish taxation system is broad based, with a 25% value-added tax, in addition to excise taxes, income taxes and other fees. The overall level of taxation (sum of all taxes, as a percentage of GDP) was 46% in 2017.

Wealth tax

capital taxwealthwealth taxes
Capital levy (a one-off wealth tax). Economic inequality#Environment; addressing human overpopulation having similar effects to decrease wealth gap. Endowment tax. Inheritance tax. Land value tax. Panama Papers. Paradise Papers. Progressive tax. Property tax. Redistribution of income and wealth. Tax exporting. Wealth concentration. Wealth inequality in the United States. Welfare state. World taxation system. Zakat.

Single tax

single land taxSingle Tax Partysingle-tax
A single tax is a system of taxation based mainly or exclusively on one tax, typically chosen for its special properties, often being a tax on land value. The idea of a single tax on land values was proposed independently by John Locke and Baruch Spinoza in the 17th century. The French physiocrats later coined the term impôt unique because of the unique characteristics of land and rent. Pierre Le Pesant, sieur de Boisguilbert and Sébastien Le Prestre de Vauban also recommended a single tax, but unlike the physiocrats, they rejected the claim that land has certain economic properties which make it uniquely suitable for taxation, so they instead proposed a flat tax on all incomes.

Civilization

civilisationcivilizationsancient civilization
Some people also acquire landed property, or private ownership of the land. Because a percentage of people in civilizations do not grow their own food, they must trade their goods and services for food in a market system, or receive food through the levy of tribute, redistributive taxation, tariffs or tithes from the food producing segment of the population. Early human cultures functioned through a gift economy supplemented by limited barter systems. By the early Iron Age, contemporary civilizations developed money as a medium of exchange for increasingly complex transactions.

American Jobs Creation Act of 2004

American Jobs Creation Act
The American Jobs Creation Act of 2004 was a federal tax act that repealed the export tax incentive (ETI), which had been declared illegal by the World Trade Organization several times and sparked retaliatory tariffs by the European Union. It also contained numerous tax credits for agricultural and business institutions as well as the repeal of excise taxes on both fuel and alcohol and the creation of tax credits for biofuels. The bill was introduced by Representative Bill Thomas on June 4, 2004, passed the House June 17, the Senate on July 15, and was signed by President George W. Bush on October 22.

Hearth tax

fouageHearth-taxhouse tax
: A special government commission collected both the excise and hearth tax.

Compliance cost

tax compliance
Compliance with tax laws, such as income tax or sales tax legislation, is a common topic of political debate, primarily because these taxes affect the majority of citizens in a society. By contrast, environmental regulations, such as those on sulfur dioxide emissions, only affect a minority of businesses within an economy. * Taxation in the United States * Barbone, L., Bird, R. M., & Vázquez Caro, J. (2012). The costs of VAT: A review of the literature. Case Network Reports, (106). CASE-Center for Social and Economic Research.

Canada Revenue Agency

Revenue CanadaCanadian Revenue AgencyCanada Customs and Revenue Agency
An employer is required to withhold income tax and payroll taxes, such as CPP & EI, and to remit the withheld amount to CRA monthly, quarterly, or annually depending on the amount of withholding. By the end of every February, an employer is required to file a T4 return, that is, a T4 summary for total wages paid by the business, and T4 slips for wages paid to each employees, to CRA. CRA collects income tax, excise tax, payroll tax, etc. GST/HST is governed by the Excise Tax Act. CRA does not collect provincial taxes, such as sales tax and gas tax, or municipal taxes, such as property tax. CRA does have agreements with some province to collect outstanding debts for provincial programs.

FairTax

Fair TaxFair Tax ActFair Tax Act of 2007
Proponents point out that income tax deductions, tax preferences, loopholes, credits, etc. under the current system was estimated at $945 billion by the Joint Committee on Taxation. They argue this is $456 billion more than the FairTax "entitlement" (tax refund) would spend to cover each person's tax expenses up to the poverty level. In addition, it was estimated for 2005 that the Internal Revenue Service was already sending out $270 billion in refund checks. Sales and income taxes behave differently due to differing definitions of tax base, which can make comparisons between the two confusing.

Fuel protests in the United Kingdom

fuel protestsUK fuel protestsfuel protests of 2000
In the United Kingdom, tax on fuel for road use is made up of two elements—fuel duty and value added tax (VAT). Fuel duty is applied at a fixed amount per litre by fuel type, and VAT is then added as a percentage of the combined total of the cost of the fuel and the fuel duty. Historically, fuel duty was increased annually, broadly in line with inflation. In 1993 the fuel price escalator was introduced by the Conservatives, justified as being designed to encourage less motor vehicle use, and thus combat climate change. The idea was to annually increase fuel duty, initially at 3%, later rising to 5%, above the rate of inflation.

New Hampshire

NHState of New HampshireNew Hampshire, U.S.
The issue of taxation is controversial in New Hampshire, which has a property tax (subject to municipal control) but no broad sales tax or income tax. The state does have narrower taxes on meals, lodging, vehicles, business and investment income, and tolls on state roads. According to the Energy Information Administration, New Hampshire's energy consumption and per capita energy consumption are among the lowest in the country. The Seabrook Station Nuclear Power Plant, near Portsmouth, is the largest nuclear reactor in New England and provided 57% of New Hampshire's electricity generation and 27% of its electricity consumption in 2017.

Windfall profits tax

Windfall profits tax cutswindfall profit taxwindfall tax
Oil producers were obliged to comply with the paperwork requirements of the law, however, and the Internal Revenue Service (IRS) was compelled to administer the system despite the fact that the tax generated no revenue, reportedly spending about $15 million a year to do so.

Illinois

ILState of IllinoisIll.
There are two rates for state sales tax: 6.25% for general merchandise and 1% for qualifying food, drugs, and medical appliances. The property tax is a major source of tax revenue for local government taxing districts. The property tax is a local—not state—tax, imposed by local government taxing districts, which include counties, townships, municipalities, school districts, and special taxation districts. The property tax in Illinois is imposed only on real property. On May 1, 2019, the Illinois Senate voted to a approve a constitutional amendment to change from a flat tax rate to a graduated rate, in a 73-44 vote. The Governor, J.B. Pritzker, approved the bill on May 27, 2019.

Property

propertiesproprietarypatrimony
Property law. Property rights (economics). Socialism. Sovereignty. Taxation as theft. Interpersonal relationship. Public liability. Charity. Essenes. Gift. Kibbutz. Monasticism. Tithe, Zakat (modern sense). Adverse possession. Confiscation. Eminent domain. Fine. Jizya. Nationalization. Regulatory fees and costs. Search and seizure. Tariff. Tax. Turf and twig (historical). Tithe, Zakat (historical sense). RS 2477. Bastiat, Frédéric, 1850. Economic Harmonies. W. Hayden Boyers. Bastiat, Frédéric, 1850. "The Law", tr. Dean Russell. Bethell, Tom, 1998. The Noblest Triumph: Property and Prosperity through the Ages. New York: St. Martin's Press. Blackstone, William, 1765–69.

Michigan

MIState of MichiganMich.
Michigan's personal income tax is set to a flat rate of 4.25%. In addition, 22 cities impose income taxes; rates are set at 1% for residents and 0.5% for non-residents in all but four cities. Michigan's state sales tax is 6%, though items such as food and medication are exempted from sales tax. Property taxes are assessed on the local level, but every property owner's local assessment contributes six mills (a rate of $6 per $1000 of property value) to the statutory State Education Tax. Property taxes are appealable to local boards of review and need the approval of the local electorate to exceed millage rates prescribed by state law and local charters.