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https://taxfoundation.org/taxedu/glossary/gross-receipts-tax/ Gross Receipts Tax | TaxEDU Glossary Feb 28, 2025 - A gross receipts tax, also known as a turnover tax, is applied to a company’s gross sales, without deductions for a firm’s business expenses. gross receipts tax taxedu glossary https://taxfoundation.org/taxedu/glossary/child-tax-credit/ Child Tax Credit | TaxEDU Glossary Jul 15, 2025 - The child tax credit (CTC) is a partially refundable credit that reduces tax liability dollar-for-dollar by up to $2,000 for each child. child tax credit taxedu glossary https://taxfoundation.org/taxedu/glossary/mortgage-interest-deduction-mid/ Mortgage Interest Deduction | TaxEDU Glossary Feb 22, 2024 - The mortgage interest deduction is an itemized deduction for interest paid on home mortgages. It reduces households’ taxable incomes. mortgage interest deduction taxedu glossary https://taxfoundation.org/taxedu/glossary/inflation/ Inflation Definition | TaxEDU Glossary May 3, 2024 - Inflation is when the general price of goods and services increases across the economy, reducing the purchasing power of a currency. definition taxedu glossary inflation https://taxfoundation.org/taxedu/glossary/direct-tax/ Direct Tax | TaxEDU Glossary Jul 15, 2025 - A direct tax is levied on individuals and organizations and cannot be shifted to another payer. Learn more with TaxEDU. tax taxedu glossary direct https://taxfoundation.org/taxedu/glossary/base-erosion-anti-abuse-tax-beat/ Base Erosion and Anti-Abuse Tax (BEAT) | TaxEDU Glossary Feb 7, 2024 - The Base Erosion and Anti-Abuse Tax (BEAT) is meant to prevent corporations operating in the U.S. from avoiding domestic tax liability. base erosion anti abuse taxedu glossary beat https://taxfoundation.org/taxedu/glossary/marginal-tax-rate/ Marginal Tax Rate Definition | TaxEDU Glossary Feb 10, 2026 - The marginal tax rate is the amount of additional tax paid for every additional dollar earned as income. Learn more about marginal tax rates. definition taxedu glossary marginal rate https://taxfoundation.org/taxedu/glossary/marriage-penalty/ Marriage Penalty | TaxEDU Glossary Jul 17, 2025 - A marriage penalty is when a household’s overall tax bill increases due to a couple marrying and filing taxes jointly. Learn more with TaxEDU taxedu glossary marriage penalty https://taxfoundation.org/taxedu/glossary/carbon-border-adjustment-mechanism-cbam-emissions-trading-system-ets/ CBAM: Carbon Border Adjustment Mechanism | TaxEDU Glossary Feb 23, 2024 - The Carbon Border Adjustment Mechanism (CBAM) is designed to complement the European Union (EU) Emissions Trading System (ETS). Learn more. carbon border adjustment taxedu glossary cbam mechanism https://taxfoundation.org/taxedu/glossary/depreciation/ Depreciation | TaxEDU Glossary Feb 20, 2024 - Depreciation is a measurement of the “useful life” of a business asset to determine the period over which the cost can be deducted from taxable income. taxedu glossary depreciation https://taxfoundation.org/taxedu/glossary/corporate-income-tax-cit/ Corporate Income Tax Definition | TaxEDU Glossary Feb 4, 2025 - A corporate income tax is levied by federal and state governments on business profits. Many companies are taxed as pass-through businesses. corporate income tax definition taxedu glossary https://taxfoundation.org/taxedu/glossary/adjusted-gross-income-agi/ Adjusted Gross Income (AGI) | TaxEDU Glossary May 10, 2024 - Adjusted gross income (AGI) is a taxpayer’s total income minus certain “above-the-line” deductions. See adjusted gross income definition. adjusted gross income taxedu glossary agi https://taxfoundation.org/taxedu/glossary/alternative-minimum-tax-amt/ Alternative Minimum Tax (AMT) Definition | TaxEDU Glossary Jul 22, 2025 - The Alternative Minimum Tax (AMT) is a separate tax system that requires some taxpayers to calculate their tax liability twice. Learn more. alternative minimum tax definition taxedu glossary amt https://taxfoundation.org/taxedu/glossary/tax-base/ Tax Base | TaxEDU Glossary Feb 24, 2024 - The tax base is the total amount of income, property, assets, consumption, or transactions subject to taxation by a tax authority. tax base taxedu glossary https://taxfoundation.org/taxedu/glossary/inheritance-tax/ Inheritance Tax | TaxEDU Glossary Feb 12, 2025 - An inheritance tax is levied upon an individual’s estate at death or upon the assets transferred from the decedent’s estate to their heirs. tax taxedu glossary inheritance https://taxfoundation.org/taxedu/glossary/patent-box/ Patent Box | TaxEDU Glossary patent box taxedu glossary https://taxfoundation.org/taxedu/glossary/wealth-tax/ Wealth Tax Definition | TaxEDU Glossary Oct 17, 2024 - A wealth tax is imposed on an individual’s net wealth, or the market value of their total owned assets minus liabilities. tax definition taxedu wealth glossary https://taxfoundation.org/taxedu/glossary/tax-refund/ Tax Refund Definition | TaxEDU Glossary Mar 5, 2024 - A tax refund is a reimbursement to taxpayers who have overpaid their taxes, often due to having employers withhold too much from paychecks. definition taxedu glossary refund https://taxfoundation.org/taxedu/glossary/payroll-tax/ Payroll Tax Definition | TaxEDU Glossary Feb 7, 2024 - A payroll tax is a tax paid on the wages and salaries of employees to finance social insurance programs like Social Security and Medicare. tax definition taxedu payroll glossary https://taxfoundation.org/taxedu/glossary/consumption-tax/ Consumption Tax | TaxEDU Glossary Jul 15, 2025 - A consumption tax is levied on the purchase of goods or services and is paid by the consumer via sales taxes, excise taxes, or VATs. tax taxedu glossary consumption https://taxfoundation.org/taxedu/glossary/ways-and-means-committee/ House Ways and Means Committee | TaxEDU Glossary Jul 8, 2025 - The House Ways and Means Committee is the chief tax-writing committee in the U.S. with jurisdiction over all revenue generation bills. house ways means committee taxedu glossary https://taxfoundation.org/taxedu/glossary/capital-allowance/ Capital Allowance | TaxEDU Glossary Jul 8, 2025 - A capital allowance is the amount of capital investment costs a business can deduct each year from its revenue via depreciation. capital allowance taxedu glossary https://taxfoundation.org/taxedu/glossary/indirect-tax/ Indirect Tax | TaxEDU Glossary Jul 18, 2025 - An indirect tax is imposed on one person or group, like manufacturers, then shifted to a different payer, usually the consumer. tax taxedu glossary indirect https://taxfoundation.org/taxedu/glossary/gross-income/ Gross Income Definition | TaxEDU Glossary definition taxedu glossary gross income https://taxfoundation.org/taxedu/glossary/dynamic-scoring/ Dynamic Scoring | TaxEDU Glossary Feb 24, 2024 - Dynamic scoring is a forecasting technique that estimates the effect of tax changes on economic factors like jobs, wages, and GDP. taxedu glossary dynamic scoring https://taxfoundation.org/taxedu/glossary/conventional-scoring-static-scoring/ Conventional Scoring: Static Scoring 101 | TaxEDU Glossary Jun 5, 2025 - Conventional scoring (static scoring) estimates the revenue effects of tax policy while holding nominal national income constant. taxedu glossary conventional scoring static 101 https://taxfoundation.org/taxedu/glossary/earned-income-tax-credit-eitc/ Earned Income Tax Credit (EITC) | TaxEDU Glossary Feb 16, 2024 - The Earned Income Tax Credit (EITC) is a refundable tax credit targeted at low-income working families. Learn more with TaxEDU. earned income tax credit eitc taxedu glossary https://taxfoundation.org/taxedu/glossary/standard-deduction/ Standard Deduction Definition | TaxEDU Glossary Jul 18, 2025 - The standard deduction reduces a taxpayer’s taxable income by a set amount determined by the government. It was nearly doubled in 2017. definition taxedu glossary standard deduction https://taxfoundation.org/taxedu/glossary/tax-credit/ Tax Credit Definition | TaxEDU Glossary Mar 23, 2026 - A tax credit is a provision that reduces a taxpayer’s final tax bill, dollar-for-dollar. A tax credit differs from deductions and exemptions. definition taxedu glossary credit https://taxfoundation.org/taxedu/glossary/itemized-deduction/ Itemized Deduction Definition | TaxEDU Glossary Feb 28, 2025 - Itemized deductions allow you to subtract designated expenses from taxable income and can be claimed in lieu of the standard deduction. definition taxedu glossary itemized deduction https://taxfoundation.org/taxedu/glossary/bracket-creep/ Bracket Creep | TaxEDU Glossary Jul 18, 2025 - Bracket creep occurs when inflation pushes taxpayers into higher income tax brackets or reduces the value of credits and deductions. taxedu glossary bracket creep https://taxfoundation.org/taxedu/glossary/externality/ Externality Definition | Economics | TaxEDU Glossary Jul 15, 2025 - An externality is a side effect or consequence of an activity that is not reflected in the cost of that activity. See externality definition. taxedu glossary externality definition economics https://taxfoundation.org/taxedu/glossary/undertaxed-profits-rule-utpr/ Undertaxed Profits Rule (UTPR) | TaxEDU Glossary Jul 21, 2025 - The undertaxed profits rule (UTPR) allows a country to increase taxes on a business if that business is part of a larger company that pays less than the... taxedu glossary profits rule https://taxfoundation.org/taxedu/glossary/graduated-rate-income-tax/ Graduated Rate Income Tax | TaxEDU Glossary Feb 10, 2026 - What is a graduated income tax? A graduated rate income tax system consists of tax brackets where tax rates increase as income increases. tax taxedu glossary graduated rate income https://taxfoundation.org/taxedu/glossary/bonus-depreciation/ Bonus Depreciation | TaxEDU Glossary Jul 8, 2025 - Bonus depreciation allows firms to deduct a larger portion of certain “short-lived” investments in new or improved equipment or buildings. bonus depreciation taxedu glossary https://taxfoundation.org/taxedu/glossary/tax-expenditure/ Tax Expenditures | TaxEDU Glossary Jul 15, 2025 - Tax expenditures are a departure from the “normal” tax code that lower tax burdens through an exemption, deduction, or credit. tax expenditures taxedu glossary https://taxfoundation.org/taxedu/glossary/apportionment/ Apportionment | TaxEDU Glossary Feb 4, 2026 - Apportionment is the determination of the percentage of a business’ profits subject to a given jurisdiction’s business taxes. taxedu glossary apportionment https://taxfoundation.org/taxedu/glossary/individual-income-tax/ Individual Income Tax | TaxEDU Glossary Apr 18, 2026 - An individual income tax is levied on the wages, salaries, investments, or other forms of personal income an individual or household earns. individual income tax taxedu glossary https://taxfoundation.org/taxedu/glossary/average-tax-rate/ Average Tax Rate | TaxEDU Glossary Feb 12, 2024 - The average tax rate is the total tax paid divided by taxable income. The average tax rate shows the overall share of income paid in taxes. average tax taxedu glossary rate https://taxfoundation.org/taxedu/glossary/user-fee/ User Fee Definition | TaxEDU Glossary Feb 13, 2024 - A user fee is a charge (not a tax) imposed by the government for the primary purpose of covering the cost of providing a service. definition taxedu glossary user fee https://taxfoundation.org/taxedu/glossary/tax-pyramiding/ Tax Pyramiding | TaxEDU Glossary Sep 4, 2024 - Tax pyramiding occurs when the same final good or service is taxed multiple times along the production process. Learn more with TaxEDU. taxedu glossary pyramiding https://taxfoundation.org/taxedu/glossary/congressional-budget-office-cbo/ Congressional Budget Office (CBO) | TaxEDU Glossary Mar 1, 2025 - The Congressional Budget Office (CBO) provides nonpartisan analysis to the U.S. Congress on federal economic and budgetary matters. congressional budget office taxedu glossary cbo https://taxfoundation.org/taxedu/glossary/full-expensing/ Full Expensing | TaxEDU Glossary Jul 15, 2025 - Full expensing allows businesses to immediately deduct the full cost of certain investments in new or improved equipment or buildings. full expensing taxedu glossary https://taxfoundation.org/taxedu/glossary/salt-deduction/ State and Local Tax (SALT) Deduction | TaxEDU Glossary Jun 11, 2025 - The SALT deduction permits taxpayers who itemize when filing federal taxes to deduct certain taxes paid to state and local governments. local tax salt deduction taxedu glossary state https://taxfoundation.org/taxedu/glossary/property-tax/ Property Tax | TaxEDU Glossary Feb 23, 2024 - A property tax is levied on immovable property like land and buildings and on tangible personal property that is movable. tax taxedu glossary property https://taxfoundation.org/taxedu/glossary/sales-tax/ Sales Tax Definition | TaxEDU Glossary Jul 15, 2025 - A sales tax is levied on retail sales of goods and services and, ideally, should apply to all final consumption with few exemptions. tax definition taxedu sales glossary https://taxfoundation.org/taxedu/glossary/estate-tax/ Estate Tax | TaxEDU Glossary Feb 20, 2024 - An estate tax is imposed on the net value of an individual’s taxable estate, after any exclusions or credits, at the time of death. tax taxedu glossary estate https://taxfoundation.org/taxedu/glossary/distributed-profits-tax/ Distributed Profits Tax | TaxEDU Glossary Feb 12, 2025 - A distributed profits tax is a business-level tax levied on companies when they distribute profits to shareholders (dividends/stock buybacks) tax taxedu glossary distributed profits https://taxfoundation.org/taxedu/glossary/profit-shifting/ Profit Shifting | TaxEDU Glossary Feb 20, 2024 - Profit shifting is when multinational companies reduce their tax burden by moving the location of profits to low-tax countries and tax havens profit shifting taxedu glossary https://taxfoundation.org/taxedu/glossary/pass-through-business/ Pass-through Business | TaxEDU Glossary Sep 18, 2024 - A pass-through business is a sole proprietorship, partnership, or S corporation that reports its income on individual income tax returns. taxedu glossary pass business https://taxfoundation.org/taxedu/glossary/worldwide-taxation/ Worldwide Tax System | TaxEDU Glossary Oct 17, 2024 - Worldwide taxation (worldwide tax system), as opposed to a territorial tax system, includes foreign-earned income in the domestic tax base. worldwide tax taxedu glossary system https://taxfoundation.org/taxedu/glossary/super-deduction/ Super-Deduction | TaxEDU Glossary deduction taxedu glossary super https://taxfoundation.org/taxedu/glossary/repatriation/ Repatriation | TaxEDU Glossary Mar 6, 2025 - Tax repatriation is the process by which multinational companies bring overseas earnings back to the home country. Learn more with TaxEDU. taxedu glossary repatriation https://taxfoundation.org/taxedu/glossary/capital-gains-tax/ Capital Gains Tax Definition | TaxEDU Glossary Jul 15, 2025 - A capital gains tax is levied on the profit made from selling an asset and is often in addition to corporate income taxes. Learn more. capital gains tax definition taxedu glossary https://taxfoundation.org/taxedu/glossary/foreign-derived-intangible-income-fdii/ Foreign-Derived Intangible Income (FDII) | TaxEDU Glossary Feb 24, 2025 - Foreign-Derived Intangible Income (FDII) is a special category of earnings that come from the sale of products related to IP. taxedu glossary foreign derived intangible income https://taxfoundation.org/taxedu/glossary/oecd-pillar-2-global-minimum-tax/ OECD Pillar Two (Global Minimum Tax) | TaxEDU Glossary Jul 21, 2025 - OECD Pillar 2 of the global tax deal would limit tax competition in the form of a 15 percent global minimum tax. global minimum tax pillar two taxedu glossary oecd https://taxfoundation.org/taxedu/glossary/carbon-tax/ Carbon Tax Definition | TaxEDU Glossary Feb 8, 2024 - A carbon tax is a form of carbon pricing and, as a market-based approach, it is a cost-effective way to reduce greenhouse gas emissions. tax definition taxedu carbon glossary https://taxfoundation.org/taxedu/glossary/financial-transaction-tax-ftt/ Financial Transaction Tax (FTT) | TaxEDU Glossary Feb 20, 2024 - A financial transaction tax (FTT) is levied on each unique instance of the buying and selling of financial assets such as stocks and bonds. financial transaction taxedu glossary ftt https://taxfoundation.org/taxedu/glossary/progressive-tax/ Progressive Tax | TaxEDU Glossary Feb 23, 2024 - A progressive tax is one where the average tax burden increases with income. Learn more about progressive tax systems with TaxEDU. tax taxedu glossary progressive https://taxfoundation.org/taxedu/glossary/tariffs/ Tariffs Definition | TaxEDU Glossary Mar 11, 2025 - Tariffs are taxes imposed by one country on goods or services imported from another country. Learn more about trade barriers with TaxEDU. definition taxedu glossary tariffs https://taxfoundation.org/taxedu/glossary/tax-incidence/ Tax Incidence | TaxEDU Glossary Feb 12, 2025 - Tax incidence is a measure of who ultimately pays a tax, either directly or through the tax burden. Learn more with TaxEDU. taxedu glossary incidence https://taxfoundation.org/taxedu/glossary/value-added-tax-vat/ Value Added Tax (VAT) Definition | TaxEDU Glossary Feb 11, 2025 - A Value-Added Tax (VAT) is a consumption tax assessed on the value added in each production stage of a good or service. value added tax definition taxedu glossary vat https://taxfoundation.org/taxedu/glossary/excise-tax/ Excise Tax Definition | TaxEDU Glossary Feb 7, 2024 - An excise tax is a tax imposed on a specific good or activity. Excise taxes are commonly levied on soda. gasoline, and sports betting. tax definition taxedu excise glossary https://taxfoundation.org/taxedu/glossary/cost-recovery/ Cost Recovery | TaxEDU Glossary Jul 15, 2025 - Cost recovery is the ability of businesses to recover (deduct) the costs of their investments. Learn more with TaxEDU. cost recovery taxedu glossary