tax

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tax

a compulsory financial contribution imposed by a government to raise revenue, levied on the income or property of persons or organizations, on the production costs or sales prices of goods and services, etc.
References in periodicals archive ?
Armey has introduced a bill that would replace the current income tax with a 17 percent flat tax.
Archer: This can be accommodated by both the flat tax Steve Forbes favors or by the consumption tax with a credit rebate or waiver system to take care of the lower-income people.
The best tax reform would be to repeal the 16th Amendment (income tax) and replace the income tax with an "outgo" or consumption tax.