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Types of Taxes

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Carbon Tax

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A tax levied on fossil fuels to reduce carbon dioxide emissions.

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Wealth Tax

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A tax on an individual's net worth.

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Alternative Minimum Tax (AMT)

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A supplemental income tax required from certain taxpayers in addition to baseline income tax.

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Gift Tax

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A tax on the transfer of money or property from one individual to another without receiving something in return.

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Inheritance Tax

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A tax paid by a person who inherits money or property or a levy on the estate of a person who has died.

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Excise Tax

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An indirect tax charged on the sale of a particular good.

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Value Added Tax (VAT)

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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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Consumption Tax

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Taxes on goods and services only when they are consumed.

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Income Tax

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A tax on individual earnings from employment and investments.

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Sales Tax

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A consumption tax imposed on the sale of goods and services.

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Estate Tax

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A tax on the transfer of the estate of a deceased person.

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Corporate Tax

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A tax on the profits of corporations.

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Sin Tax

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A tax on items seen as undesirable or harmful, such as tobacco or alcohol.

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Payroll Tax

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Taxes imposed on employers and employees, usually calculated as a percentage of the salaries that employers pay their staff.

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Property Tax

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A tax assessed on real estate by the local government and paid by the property owner.

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Luxury Tax

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A tax on products not considered essential, such as expensive cars or jewelry.

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Capital Gains Tax

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A tax on the profit realized on the sale of a non-inventory asset that was purchased at a lower price.

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Stamp Duty

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A tax on documents typically in the transfer of assets or property.

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Import Duty

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A tax collected on imports and some exports by the customs authorities of a country.

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Tariff

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A tax imposed on imported goods and services.

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