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Generally, any statute that imposes a tax denominated explicitly as an "excise" in the United States is an excise tax law. U.S. federal statutory excises are (or have been) imposed under Subtitle D ("miscellaneous excise taxes") and Subtitle E ("Alcohol, Tobacco, and Certain Other Excise Taxes") of the Internal Revenue Code, 26 U.S.C. § 4001 ...
Excise taxes are primarily imposed on businesses — including manufacturers and merchants — when a specific product: Enters the United States Is sold or used after being imported
Japan has been implementing excise taxes since the mid-19th century when it needed the money for their rapid modernizing and growth. For example, one of the earliest excise taxes on tobacco were imposed in 1898 and this helped to raise funds for the Russo-Japanese war. Today most of the excise taxes in Japan are replaced by the consumption tax.
The estate tax is an excise tax levied on the right to pass property at death. It is imposed on the estate, not the beneficiary. Some states impose an inheritance tax on recipients of bequests. Gift taxes are levied on the giver (donor) of property where the property is transferred for less than adequate consideration.
The design of such excise tax determines the consequences. Two main types of excise taxes are specific tax (tax imposed as fixed amount of money per unit) and ad valorem tax (tax imposed as the percentage of the price of a good). Specific and ad valorem taxes have identical consequences in competitive markets apart from differences in ...
In addition, there were the state and federal excise taxes. State and federal inheritance taxes began after 1900, while the states (but not the federal government) began collecting sales taxes in the 1930s. The United States imposed income taxes briefly during the Civil War and the 1890s.
Both measures impose additional taxes on those already in place around cigarettes and tobacco products. HB 1416 imposes a new $0.015 per cigarette tax, about 30 cents for a ... director of Excise ...
Federal excise taxes are imposed on a variety of goods and services. [26] Some of these taxes require purchase of tax stamps or other evidence of advance payment of tax. Some require collection of the tax by retailers. An assortment of penalties apply to manufacturers and retailers not complying with the particular rules. [27]