Overview of 7 Types of Taxes

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7 Terms

1

Income Tax

Tax on wages, interest, and business income

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2

Sales Tax

Tax on discretionary (don't need for survival) item sales, not essentials

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3

Property Tax

Tax based on ownership of land or buildings

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4

Consumption Tax

Tax on all sales, discretionary or not

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5

Estate Tax

Tax on wealth after death, above $1 million, federal above 11 million

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6

VAT

Tax on production and consumption of goods

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7

Excise Tax

Tax on sin goods like alcohol and tobacco

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