A report on Tax

Total revenue from direct and indirect taxes given as share of GDP in 2017
Pieter Brueghel the Younger, The tax collector's office, 1640
Substitution effect and income effect with a taxation on y good.
Budget's constraint shift after an introduction of a lump sum tax or a general tax on consumption or a proportional income tax.
The Laffer curve. In this case, the critical point is at a tax rate of 70%. Revenue increases until this peak, then it starts decreasing.
General government revenue, in % of GDP, from social contributions. For this data, the variance of GDP per capita with purchasing power parity (PPP) is explained in 20% by social contributions revenue.
Egyptian peasants seized for non-payment of taxes. (Pyramid Age)
Public finance revenue from taxes in % of GDP. For this data, the variance of GDP per capita with purchasing power parity (PPP) is explained in 32% by tax revenue.
Diagram illustrating deadweight costs of taxes

Compulsory financial charge or some other type of levy imposed on a taxpayer by a governmental organization in order to fund government spending and various public expenditures (regional, local, or national), and 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.

- Tax
Total revenue from direct and indirect taxes given as share of GDP in 2017

86 related topics with Alpha

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Avoiding the window tax in England

Tax avoidance

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Avoiding the window tax in England
Countries with politicians, public officials or close associates implicated in the Panama Papers leak on 15 April 2016

Tax avoidance is the legal usage of the tax regime in a single territory to one's own advantage to reduce the amount of tax that is payable by means that are within the law.

Figure 1 – tax incidence in perfect competition

Tax incidence

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Figure 1 – tax incidence in perfect competition
Inelastic supply, elastic demand: the burden is on producers
Similar elasticities: burden shared

In economics, tax incidence or tax burden is the effect of a particular tax on the distribution of economic welfare.

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Tax rate

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In a tax system, the tax rate is the ratio (usually expressed as a percentage) at which a business or person is taxed.

Proportional tax

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A proportional tax is a tax imposed so that the tax rate is fixed, with no change as the taxable base amount increases or decreases.

Average tariff rates for selected countries (1913–2007)

Tariff

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Average tariff rates for selected countries (1913–2007)
Tariff rates in Japan (1870–1960)
Average tariff rates in Spain and Italy (1860–1910)
Average levels of duties, 1875 and 1913
Average tariff rates (France, UK, US)
Average tariff rates in US (1821–2016)
US Trade Balance and Trade Policy (1895–2015)
Effects of import tariff, which hurts domestic consumers more than domestic producers are helped. Higher prices and lower quantities reduce consumer surplus by areas A+B+C+D, while expanding producer surplus by A and government revenue by C. Areas B and D are dead-weight losses, surplus lost by consumers and overall. For a more detailed analysis of this diagram, see Free trade
GDP per capita at purchasing power parity (PPP) versus import taxes, by country.

A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods.

The Market for Capital (the Loanable Funds Market) and the Crowding Out Effect. An increase in government deficit spending "crowds out" private investment by increasing interest rates and lowering the quantity of capital available to the private sector.

Government spending

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Government spending or expenditure includes all government consumption, investment, and transfer payments.

Government spending or expenditure includes all government consumption, investment, and transfer payments.

The Market for Capital (the Loanable Funds Market) and the Crowding Out Effect. An increase in government deficit spending "crowds out" private investment by increasing interest rates and lowering the quantity of capital available to the private sector.
Tax Burden as a Percentage of GDP (2014 Index of Economic Freedom).
Government spending as percentage of GDP in different countries, 1890 to 2011
Government Expenditure as a Percentage of GDP (2014 Index of Economic Freedom).

Government spending can be financed by government borrowing, taxes, custom duties, the sale or lease of natural resources, and various fees like national park entry fees or licensing fees.

Clockwise from top-left: Federal Reserve, Bank of England, European Central Bank, Bank of Canada

Monetary policy

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Policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing or the money supply, often as an attempt to reduce inflation or the interest rate, to ensure price stability and general trust of the value and stability of the nation's currency.

Policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing or the money supply, often as an attempt to reduce inflation or the interest rate, to ensure price stability and general trust of the value and stability of the nation's currency.

Clockwise from top-left: Federal Reserve, Bank of England, European Central Bank, Bank of Canada
Banknotes with a face value of 5000 in different currencies. (United States dollar, Central African CFA franc, Japanese yen, Italian lira, and French franc)
Reproduction of a Song dynasty note, possibly a Jiaozi, redeemable for 770 mò.
Yield curve becomes inverted when short-term rates exceed long-term rates.
2016 meeting of the Federal Open Market Committee at the Eccles Building, Washington, D.C.
Mechanics of open market operations: Demand-Supply model for reserves market
1979 $10,000 United States Treasury bond
A run on a Bank of East Asia branch in Hong Kong, caused by "malicious rumours" in 2008.
Gold certificates were used as paper currency in the United States from 1882 to 1933. These certificates were freely convertible into gold coins.
The Bank of Japan, in Tokyo, established in 1882.
The Bank of Finland, in Helsinki, established in 1812.
The headquarters of the Bank for International Settlements, in Basel (Switzerland).
The Reserve Bank of India (established in 1935) Headquarters in Mumbai.
The Central Bank of Brazil (established in 1964) in Brasília.
The Bank of Spain (established in 1782) in Madrid.

This is in contrast to fiscal policy, which relies on taxation, government spending, and government borrowing as methods for a government to manage business cycle phenomena such as recessions.

Loot and Extortion. Statues at Trago Mills (near Liskeard, Cornwall), dedicated to the UK Inland Revenue Service

Taxation as theft

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Loot and Extortion. Statues at Trago Mills (near Liskeard, Cornwall), dedicated to the UK Inland Revenue Service

The position that taxation is theft, and therefore immoral, is found in a number of political philosophies considered radical.

Number of high-net-worth individuals in the world in 2011

Redistribution of income and wealth

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Number of high-net-worth individuals in the world in 2011

Redistribution of income and wealth is the transfer of income and wealth (including physical property) from some individuals to others through a social mechanism such as taxation, welfare, public services, land reform, monetary policies, confiscation, divorce or tort law.

Public sector workers in Leeds striking over pension changes by the government in November 2011

Pension

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Fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments.

Fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments.

Public sector workers in Leeds striking over pension changes by the government in November 2011
2018 Russian pension protests
First pillar of pension system by country: Basic non-contributory pension Mandatory individual accounts Provident fund system Workers can switch between social insurance system or individual accounts Social insurance system

Occupational pensions are a form of deferred compensation, usually advantageous to employee and employer for tax reasons.