Английский язык: Сборник текстов и упражнений. Бодргина Л.И - 74 стр.

      ESTATE TAX (INHERITANCE TAX; TRANSFER TAX)
      ESTATE TAX – tax upon the transfer of property, not upon the property it-
self; estate taxes imposed upon the net value of decedent’s estate. Estate taxes are
based upon the power to transmit or the transmission from the dead to the living.
The same tax result is accomplished in some jurisdiction through imposition of
INHERITANCE TAXES which are taxes imposed upon the receipt of the de-
ceased’s property by the beneficiary. Estate taxes and inheritance taxes are both
forms of TRANSFER TAXES which are taxes levied upon the passing of title to
property.
      ESTIMATED TAX
      ESTIMATED TAX generally, income taxes paid periodically by a taxpayer
on income not subject to withholding taxes, in an amount based upon the taxpay-
er’s projected liability.
      EXCISE TAX
      EXCISE TAX a federal tax imposed upon the purchase of certain items.
      FRANCHISE TAX
      FRANCHISE TAX a tax generally imposed by the states upon corporations.
Often, the franchise tax is divided into two components: (1) a tax upon the net in-
come of the corporation attributable to activities within the state; and (2) the tax
on the net worth of the corporation located in the state.
      INCOME TAX
      INCOME TAX a tax imposed upon income received which is recognized for
tax purposes by the taxpayers, reduced by the allowable deduction and credits.
      PROGRESSIVE TAX
      PROGRESSIVE TAX a tax in which rate increases as the amount subject to tax
increases. For example, a progressive income tax would be a tax at which on lower
income levels the rate of tax was lower than the rate of tax on higher income levels.
      PROPERTY TAX
      PROPERTY TAX generally, tax imposed by municipalities upon owners of
property within their jurisdiction based upon the value of such property.
      PROPORTIONAL TAX
      PROPORTIONAL TAX a tax imposed at a fixed and uniform rate in propor-
tion to the property subject to the tax.
      REGRESSIVE TAX
      REGRESSIVE TAX a tax in which rate decreases as the amount to which the
tax is applied increases.
      SALES TAX
      SALES TAX a tax generally imposed by state or local government on the
sale of certain items that are generally not for resale. In general, the sales tax is at
a set rate regardless of the purchase price of the property.
      UNIFIED ESTATE AND GIFT TAX
      UNIFIED ESTATE AND GIFT TAX a federal tax imposed upon the net
value of an estate and on gifts of certain amounts. The transferor is liable for the
gift taxes but if the transferor fails to pay the gift tax, the transferee may be held
liable for its payment.
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