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For example, the city of Anchorage, Alaska charges a cigarette tax of $1.30 per pack, which is on top of the federal excise tax and the state excise tax. In 2011, the United States federal excise tax on gasoline was 18.4 cents per gallon (4.86 ¢/L) and 24.4 cents per gallon (6.45 ¢/L) for diesel fuel .
Excise taxes on tobacco raised $12.4 billion in fiscal year 2020. [2] The tax equals $1.01 per pack of 20 of cigarettes. Federal excise tax revenue from tobacco products peaked in fiscal year 2010 at $17.2 billion after the increase in tobacco product tax rates in the Children's Health Insurance Program Reauthorization Act of 2009. This tax ...
Tariff of 1791 or Excise Whiskey Tax of 1791 was a United States statute establishing a taxation policy to further reduce Colonial America public debt as assumed by the residuals of American Revolution. The Act of Congress imposed duties or tariffs on domestic and imported distilled spirits generating government revenue while fortifying the ...
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 ...
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A sin tax (also known as a sumptuary tax, or vice tax) is an excise tax specifically levied on certain goods deemed harmful to society and individuals, such as alcohol, tobacco, drugs, candy, soft drinks, fast foods, coffee, sugar, gambling, and pornography. [1]
In his 2023 book Government Gangsters, Kash Patel, the president's nominee for FBI director, describes a "deep state" conspiracy against Donald Trump that he equates with a conspiracy to subvert ...
Excise taxes used as penalties are imposed in the Code sections relating to particular kinds of transactions. Some penalties may be waived or abated where the taxpayer shows reasonable cause for the failure. Penalties apply for failures to file income tax returns or information returns, or for filing incorrect returns.