tax Definition
a compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions.
Using tax: Examples
Take a moment to familiarize yourself with how "tax" can be used in various situations through the following examples!
Example
The government has increased taxes on tobacco products.
Example
I have to file my tax return before April 15th.
Example
The sales tax in this state is 6%.
Example
The company is facing a huge tax bill.
tax Synonyms and Antonyms
Synonyms for tax
Idioms Using tax
a political philosophy that advocates for high taxes to fund government programs and services
Example
The candidate's platform was based on tax and spend policies.
a country or jurisdiction with very low or no taxes, used by individuals and companies to avoid paying taxes in their home country
Example
Many wealthy people use tax havens to avoid paying taxes.
a reduction in taxes owed, often given as an incentive for certain behaviors or investments
Example
The government offers tax breaks for people who buy electric cars.
Phrases with tax
Example
I have to pay income tax on my salary.
value-added tax (VAT)
a tax on the value added to a product at each stage of production or distribution
Example
The VAT rate in this country is 20%.
Example
He had to pay capital gains tax when he sold his shares.
Origins of tax
from Old French 'taxer', meaning 'to assess'
Summary: tax in Brief
The term 'tax' [tæks] refers to a compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions. It includes phrases like 'income tax,' 'value-added tax (VAT),' and 'capital gains tax.' Idioms like 'tax and spend,' 'tax haven,' and 'tax break' denote political philosophies, financial strategies, and incentives.
