The excess of the total harm done by a tax over the amount of revenue raised.
An overview of optimal taxation, its theoretical underpinnings, and its applications in various economic paradigms.
The distribution of the burden of taxation between different economic agents and its impact on welfare
An economic policy that utilizes the tax system to control inflation by influencing wages and prices.
A comprehensive analysis of the basic rate of income tax in the UK.
A detailed examination of Capital Transfer Tax, its meaning, implications, and associated economic concepts.
The effect of inflation on the real value of money and government debt denominated in money terms
An overview of the progressive tax system where the tax burden rises more than proportionate to the income or ability to pay.
An exploration into the multiple meanings and contexts of the term 'return' within economics.
The practice of setting prices for goods and services exchanged between the divisions or entities of the same multinational organization.
An unexpected increase in personal or corporate income, often considered for non-distortionary taxation.
A tax imposed on expenditure rather than income; often known as expenditure tax.
A tax levied on the value of expenditure and also known as a consumption tax. It is seen as an alternative to income tax for personal taxation.
A rule for efficient commodity taxation based on the inverse relationship between tax rates and demand elasticities.
Tax on transactions necessitating documents to carry an official stamp for legal validation.
An arrangement by which part of a person's income is protected from taxes.
The relationship between taxable activity and tax liability.
A Tax collected by an intermediary from the economic agent who bears the formal incidence of the tax.
A significant review of the UK tax system chaired by economist James Meade, leading to the 1978 Meade Report.
Definition and historical context of mortgage interest relief at source (MIRAS) in the UK.
The distribution of income across individuals, measured before or after taxes and transfers, and distinct from functional income distribution.
A comprehensive entry on the concept and implications of regressive tax in economics.
The principle that tax should fall on those who can afford to pay, where tax payments increase with income or assets of taxpayers.
Definition and meaning of ad valorem tax, a tax proportional to the price of the object being taxed.
An in-depth look into after-tax income, including its meaning, historical context, and analytical frameworks.
The price at which two unrelated parties would agree upon for a transaction free of any duress, used especially for taxation and transfer pricing purposes.
Understanding the Average Tax Rate in Economic Terms
An explanation of the balanced budget multiplier in Keynesian economics and its implications.
An analysis of Base Erosion and Profit Shifting (BEPS), focusing on the multinational corporate strategies to minimize tax liabilities by shifting profits to low-tax jurisdictions.
The income of an individual or company before deduction of direct taxes.
A UK tax on business premises used to finance local authorities, now levied at a uniform national rate.
Deductions of investment expenditure from a firm’s taxable profits to encourage investment.
A tax on increases in the value of assets, typically collected upon the realization of gains through sale or bequest.
Definition and analysis of Capital Gains Tax (CGT) and its impact on economic activities.
An in-depth look at the definition, context, and implications of capital levy commonly referred to as capital tax.
An examination of the Capital Transfer Tax, its definition, history, and analytical frameworks.
An exploration of capital transfers: the movement of assets as bequests or gifts, mainly in the context of tax implications.
The right to deduct past losses from present profits in calculating liability to tax.
An exploration of the role and function of the Collector of Taxes in the UK
A comprehensive examination of corporate income tax, including its meaning, context, and major theoretical frameworks.
An overview of corporation tax, its historical evolution, and different theoretical perspectives.
A tax levied by UK local authorities on property holders, dependent on property valuation.
The UK tax authority responsible for collecting indirect taxes, including customs duties, before merging with HM Revenue in 2005 to form HM Revenue and Customs.
A measure of the welfare loss due to market inefficiencies, often resulting from monopolies or government taxation.
Taxes levied on a person’s estate after their death, intended to discourage inherited wealth or as government revenue.
The ability to deduct certain items from income to reduce tax liability.
An international tax regime where consumption taxes are levied in the country of consumption.
A fundamental result in the theory of taxation and production efficiency in economics.
A comprehensive entry on the concept of Direct Tax in economics, its definition, context, and comparative analysis.
Economic arrangements which weaken the inducement to undertake a particular action.
A UK system of local taxation on householders that operated until 1990.
The collection of taxes on the same flow by two tax instruments, often referring to international taxation issues.
An exploration of various types of duties including anti-dumping duty, countervailing duty, customs duty, death duties, estate duty, excise duty, and stamp duty.
A linkage between a particular tax and a particular type of state expenditure.
A detailed exploration of the concept of easy fiscal policy in economic theory and practice.
The principle that the tax burden should be allocated across individuals so that each makes an equal sacrifice.
Definition and explanation of excess burden in economics, synonymous with deadweight loss.
A comprehensive overview of excise duty, including its definition, historical context, and analytical frameworks.
An explanation of fiscal drag and its implications in progressive tax systems.
The division of revenue collection and expenditure responsibilities among different levels of government.
A systematic misperception of the tax burden by taxpayers causing distorted democratic decisions on fiscal issues.
The use of taxation and government spending to influence the economy.
A policy of increased public spending and lower taxation intended to provide an immediate boost to economic activity.
A comprehensive rule aimed at preventing abusive tax avoidance through tax code provisions.
Definition and understanding of the term 'grossing up,' mainly in the context of tax calculations where income is received net of tax.
The process of convergence over time of tax rates and regulatory rules in countries belonging to an economic bloc.
The UK government department responsible for tax collection and welfare payments.
The principle that individuals in similar situations should be treated equally.
A system of corporation tax used in the UK from 1972 until 1999.
An overview of income redistribution, including methods, aims, and implications in economic systems.
An overview of income tax, its calculation, and implications.
A system of personal taxation in which individuals are taxed separately on their income and capital gains, regardless of marital status and spouse income.
A tax on amounts inherited by particular heirs, with varying rates depending on the relationship with the deceased and the amount received.
Understanding Inland Revenue and its evolution into HM Revenue and Customs
A UK HM Revenue and Customs official who receives and assesses tax returns from individuals and companies.
The US federal government organization responsible for assessing and collecting personal and business federal taxes.
Additional income taxes on investment or 'unearned' incomes.
A curve illustrating the relationship between tax rates and tax revenue.
A comprehensive overview of lump-sum tax, its implications in economics, and related concepts.
Detailed explanation of the marginal tax rate and its implications in economics.
National Insurance contributions (NICs) are charges levied in the UK to help pay for social security, levied as fixed percentages of wages with exemptions for very low incomes.
A proposal to combine income tax payments and social security benefits into a single system.
An exploration of neutral taxes, including definitions, historical context, major frameworks, comparative analysis, and related terms.
An international trade policy framework in which goods and services are taxed in their country of production.
An overview of the UK system for collecting income tax and National Insurance at the source through employers.
PAYE (Pay As You Earn) - A taxation system where income tax is deducted directly from a person's earnings or salary.
An overview of payroll tax, its implications, and economic perspectives.
A lump-sum tax levied on every citizen at the same rate regardless of income or wealth, inherently regressive in nature.
The profits of a company or unincorporated business before deduction of relevant income or corporation taxes.
An overview of the proportional tax system where the tax rate remains constant regardless of the taxable amount.
A branch of economics focused on how governments manage revenue and expenditure to foster economic stability and growth.
A system of local taxation in the UK including business rates and domestic charges.
Refund of a part of the amount already paid or a deduction from the amount to be paid.
A tax designed to alter the distribution of income or wealth.
A tax imposed on the sale of goods and services, typically as a percentage of the sales price.
Schedule A tax was a former section of the UK income tax, levied on the imputed rent of owner-occupied land and houses.
A comprehensive look at self-assessment in the context of tax systems.
An exploration of self-employment, its implications for taxation, insurance, and the mixture of income components involved.
An overview of social charges, encompassing their definition, historical context, and significance in various economic frameworks.
An understanding of Special Anti-Avoidance Rule (SAAR) and its role in economic tax systems.
