The different forms of taxes

Tax season is here and I guess everyone could get a little touch up on taxes and its different forms. I didn’t know there were so many of them. Let’s see how many of them you know…

  • Capital gains tax – is a tax charged on capital gains, the profit realized on the sale of an asset that was purchased at a lower price. The most common capital gains are realized from the sale of stocks, bonds, precious metals and property.
  • Corporation tax – refers to a tax levied by various jurisdictions on the profits made by companies or associations.
  • Excises – sometimes called an excise duty, are taxes paid when purchases are made on a specific good, such as gasoline
  • Income tax – a tax levied on the financial income of persons, corporations, or other legal entities.
  • Inheritance tax – Inheritance tax, estate tax and death duty are the names given to various taxes which arise on the death of an individual
  • Poll tax – A poll tax, head tax, or capitation is a tax of a uniform, fixed amount per individual (as opposed to a percentage of income).
  • Property tax – Property tax, millage tax is an ad valorem tax that an owner of real estate or other property pays on the value of the property being taxed.
  • Retirement tax – Some countries with social security systems, which provide income to retired workers, fund those systems with specific dedicated taxes.
  • Sales tax – a state or locality imposed percentage tax at the point of purchase for certain goods and services
  • Tariffs – A tariff is a tax on foreign goods upon importation.
  • Toll – A toll is a tax or fee charged to travel via a road, bridge, tunnel or other route
  • Transfer tax – In a narrow legal sense, a transfer tax is essentially a transaction fee (often relatively small in relation to the value of property) imposed on the transfer of title to property
  • Value added tax – is tax on exchanges. It is levied on the value added that results from each exchange
  • Wealth (net worth) tax – Because of the broad term “wealth”, property tax, capital transfer taxes (inheritance tax, estate tax, gift tax), endowment tax and capital gains taxes are sometimes referred to as “wealth taxes”.

Here’s a neat graph¬†I¬†pulled from wikipedia that gives the average taxes paid from different parts of the world.

tax-chart.bmp

  1. Don't Mess With Taxes - trackback on July 2, 2007 at 12:53 pm

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