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Taxation

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Taxation is power of government in which a governing authority accumulates revenue by levying a charge on its citizens' economic activity. Revenue collected via taxation is typically referred to as "taxes." In the United States, income, sale of goods, estates, and some gifts are commonly subjected to taxation. Tariffs are a form of taxation imposed on imported goods, , although it can also be imposed on exported goods by some countries (i.e. China). Businesses and governments both have the power to impose fees, but businesses do not have the power of taxation. The burden of taxes falls differently depending on the form of taxation used. Progressive taxation imposes a greater tax burden on the wealthy than the poor, because the percentage of tax charged increases with income. The structure of the personal income tax system in the U.S. is considered progressive. Regressive taxation imposes more of a burden on the poor. Proportional taxation applies tax burdens to the poor and wealthy equally.



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