Words for the Summer Heat The meaning of TAX is a charge usually of money imposed by authority on persons or property for public purposes. How to use tax in a sentence.
What is a tax?
From the view of economists, a tax is a non-penal, yet compulsory transfer of resources from the private to the public sector, levied on a basis of predetermined criteria and without reference to specific benefits received.
What is tax rate?
Taxes are most often levied as a percentage, called the tax rate. An important distinction when talking about tax rates is to distinguish between the marginal rate and the effective tax rate.
