Meaning & Definition of word "Taxation"
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Taxation
/tækˈseɪʃən/
noun:
- 1. The process or system of imposing financial charges or levies on individuals or businesses by a government or authority.
- Example: The taxation system in the country is designed to ensure that all citizens contribute fairly to public services.
- 2. A specific amount or percentage that is charged as a financial levy by a government.
- Example: The taxation on alcohol has been increased to discourage excessive consumption.
- 3. The action of taxing, or the state of being taxed.
- Example: Controversies often arise over taxation, especially regarding how tax revenue is spent.
- 4. The government policy regarding the assessment and collection of taxes.
- Example: Recent reforms in taxation aim to simplify the tax code and reduce the burden on small businesses.
Etymology
From Latin 'taxatio', meaning 'a estimating, assessment'.
Common Phrases and Expressions
tax evasion:
The illegal act of not paying taxes owed.
tax code:
The laws and regulations governing taxation.
progressive taxation:
A tax system where the rate increases as the taxable amount increases.
Related Words
tax:
A compulsory financial charge or levy.
fiscal:
Relating to government revenue, especially taxes.
revenue:
The income generated from taxes and other sources.
Slang Meanings of taxation
Meaning: Tax day
Example Sentence: March 15 is known as tax day in the US, when individual returns are due.
Meaning: Write-off
Example Sentence: Businesses often look for write-offs to reduce their taxable income.