Bracket creep occurs when taxpayers move into higher tax brackets due to inflationary increases in their nominal income without a real increase in their purchasing power. This phenomenon increases government revenue without any changes in tax rates.
Deficit spending refers to the situation where a government's expenditures exceed its revenues, causing a shortfall that must be financed through borrowing. This tactic is often employed for economic stimulus during periods of low economic activity.
Levy refers to the legal process by which a government or agency imposes a tax, fee, or fine, or seizes property to satisfy an outstanding debt or obligation.
Changes in the tax laws designed to ensure that there is no net change in the total amount of revenue the government collects.
Sales tax is a consumption tax imposed by governments on the sale of goods and services, typically calculated as a percentage of the selling price. It is paid by the consumer at the point of purchase and collected by the retailer, who then remits it to the government.
A political philosophy advocating for the confiscation via taxation of the economic rent from land ownership as the sole revenue source for the government, aiming to address poverty by focusing on the unimproved value of land.
Stealth tax, also known as a hidden tax, is a tax whose incidence may not be immediately apparent to the taxpayer. These can be levied on goods at the wholesale level or through reduced tax allowances and adjusted thresholds.
A tax is a mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund various public expenditures. Taxes include income tax, sales tax, property tax, estate tax, and others.
The means by which taxes are raised and collected in accordance with tax legislation.
