How many types of taxes can you think of?
Types of taxes
There are many different types of taxes. We have Excise taxes, Income taxes, Property taxes, Estate taxes, Corporation taxes, progress taxes, and Tariffs. All these taxes are different.
- Sales tax is the tax you pay when you buy something. The government can oppose sales tax at all levels.
- Excise tax any applies to certain products like alcohol and tobacco. At the federal level, there if a tax on gasoline, air transportation, fishing equipment, and indoor tanning.
- Income Tax is the tax you pay on money you receive from various sources.
- Corporate income tax is the tax on profit made by organization
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- Progress taxes is the more income or profit a person or company has, the higher tax rate they pay
- Property tax is the taxes people pay on their properties
- Estate tax is the tax that the government takes when a person dies. This is also called the death taxes
- Tariffs is a tax on good that are imported to the U.S. from other countries.