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Types of Taxes
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Alternative Minimum Tax (AMT)
A supplemental income tax required from certain taxpayers in addition to baseline income tax.
Consumption Tax
Taxes on goods and services only when they are consumed.
Capital Gains Tax
A tax on the profit realized on the sale of a non-inventory asset that was purchased at a lower price.
Excise Tax
An indirect tax charged on the sale of a particular good.
Inheritance Tax
A tax paid by a person who inherits money or property or a levy on the estate of a person who has died.
Property Tax
A tax assessed on real estate by the local government and paid by the property owner.
Carbon Tax
A tax levied on fossil fuels to reduce carbon dioxide emissions.
Payroll Tax
Taxes imposed on employers and employees, usually calculated as a percentage of the salaries that employers pay their staff.
Tariff
A tax imposed on imported goods and services.
Import Duty
A tax collected on imports and some exports by the customs authorities of a country.
Luxury Tax
A tax on products not considered essential, such as expensive cars or jewelry.
Gift Tax
A tax on the transfer of money or property from one individual to another without receiving something in return.
Sin Tax
A tax on items seen as undesirable or harmful, such as tobacco or alcohol.
Corporate Tax
A tax on the profits of corporations.
Wealth Tax
A tax on an individual's net worth.
Income Tax
A tax on individual earnings from employment and investments.
Estate Tax
A tax on the transfer of the estate of a deceased person.
Sales Tax
A consumption tax imposed on the sale of goods and services.
Stamp Duty
A tax on documents typically in the transfer of assets or property.
Value Added Tax (VAT)
A tax on the amount by which the value of an article has been increased at each stage of its production or distribution.
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