Taxes
We have to pay them
Sales Tax
They are the taxes you pay when you buy something. The tax varies from place to place. Not everything is taxed at the same rate. In many states groceries are actually exempt from sales tax. Sometimes citizens will even vote to impose a sales tax on themselves for a special purpose.
Excise Tax
This tax only applies to certain products. Usually imposed on items such as alcohol and tobacco. At the Federal level gasoline, air transportation, fishing equipment, indoor tanning. The tax is not listed on the receipt. A hidden tax is not visible to the taxpayer.
Income Tax
Is the tax you pay on money you receive from various sources. Banks pay interest on money you keep in a savings account. All the income is taxable. Federal income tax forms are due every year on April 15th. Progressive taxes is the more income or profit a person or company has, the higher tax rate they pay.
Property Tax
This is a tax on property that the owner of the land has to pay. The tax is imposed by the governing authority of the jurisdiction in which the property is located.
Estate Tax
A tax the government collects when a person dies, is often called the Death Tax. Usually comes into play when the person has a lot of money in their assets.
Tariff Tax
They are taxes on goods that are imported to the U.S. from other countries. It's purpose is to help the U.S. compete with foreign countries.