Definition of excise tax. : a tax on certain things that are made, sold, or used within a country : excise.
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There are many different kinds of taxes, most of which fall into a few basic categories: taxes on income, taxes on property, and taxes on goods and services. The federal government, 43 states and many local municipalities levy income taxes on personal and business revenue and interest income.
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Excise Tax defined and explained with examples. Excise tax is a tax on certain things that are made, sold, or used within a country.
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Excise taxes are based on the quantity of an item and not on its value. For example, the federal government imposes an excise tax of 18.4 cents on every gallon of gas purchased, regardless of the price charged by the seller. States often add an additional excise tax on each gallon of fuel.
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: an internal tax levied on the manufacture, sale, or consumption of a commodity. : any of various taxes on privileges often assessed in the form of a license or fee. : to impose an excise on. : to remove by or as if by excision.
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In this example of excise tax, customers who arrive at the pumps will be charged $2.95 per gallon. Certain types of taxes that are technically excise taxes, are not necessarily considered so in the U.S. These include value added taxes, transfer taxes, and income taxes. Difference Between Sales Tax and Excise Tax
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Excise Tax. An excise tax is an indirect tax, usually paid by the manufacturer or retailer of the product, then passed along in the price of the product to the consumer. For instance, goods such as cigarettes and alcohol are often taxed by the state or local authority, at a flat rate per item. This tax is added into the retail price, making it somewhat of a hidden tax, ultimately paid by the end user of the product. To explore this concept, consider the following excise tax definition.
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Definition of Excise Tax. Noun. A tax on certain things that are made, sold, or used within a country. A tax, similar to a sales tax, imposed on some goods, especially luxuries and cars. Origin . 17th century England. What is Excise Tax. In the United States, excise taxes are levied at the federal, state, and local levels of government.
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Excise tax refers to an indirect type of taxation imposed on the manufacture, sale or use of certain types of goods and products. How It Works Excise taxes are commonly included in the price of a product, such as cigarettes or alcohol, as well as in the price of an activity,often gambling. Excise taxes may be imposed by both Federal and state authorities. Excise taxes usually fall into one of two types: Ad Valorem; meaning that a fixed percentage is charged on a particular good or product. This administration of the tax is less common. Specific; meaning that a fixed currency amount may be imposed depending on the quantity of the goods or products that are purchased. Specific is the most common type. For example, a bottle of wine that normally costs $10 may have a specific excise tax of $2 imposed on it. As per the intent of the excise tax, the additional cost of the wine is passed onto the consumer, making the retail cost of the bottle $12.
https://www.merriam-webster.com/dictionary/excise%20tax
Noun. 1  A tax on certain things that are made, sold, or used within a country. 2  A tax, similar to a sales tax, imposed on some goods, especially luxuries and cars.
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excise tax definition and example
An excise tax is an indirect tax, usually paid by the manufacturer or retailer of the product, then passed along in the price of the product to the consumer. For instance, goods such as cigarettes and alcohol are often taxed by the state or local authority, at a flat rate per item. This tax is added into the retail price, making it somewhat of a hidden tax, ultimately paid by the end user of the product.