Tax

Definition

Tax is a compulsory contribution imposed by the government on individuals and businesses in order to fund public services and projects.

Related terms

Revenue: Revenue refers to the total amount of money generated through taxes collected by the government.

Taxation without representation: Taxation without representation refers to being taxed by a government in which one does not have any say or representation.

Tax evasion: Tax evasion is the illegal act of intentionally avoiding paying taxes owed.