Sales Tax

Sales Tax means:
a percentage tax imposed on the retail sale of certain items. A tax on retail products based on a set percentage of retail cost.Most sales taxes, which are based on the value of the item sold, are regressive taxes. They are a major source of revenue for most states and many cities and counties. The tax is generally paid by the buyer but the seller is responsible for collecting and remitting the tax to the tax authorities. See Sales tax in the U.S. Encyclopedia and Sales tax in the International Encyclopedia.

U.S. and other Developed Countries International Tax Meaning

Tax imposed as a percentage of the price of goods (and sometimes services).

See Indirect Tax in the U.S. Reference and Indirect Tax in the International reference.

See Sales tax in the U.S. Encyclopedia and Sales tax in the International Encyclopedia

Description and Definition of Sales Tax

A tax assessed on the sales price of retail goods and services. Some items may be exempt from tax. Some states have no sales tax. You pay the tax at the time of the sale and the seller turns the money over to the state or other taxing authority.

Resources

See Also

Further Reading

• Sales Tax in the West's Tax Law Dictionary
• Sales Tax in “A Dictionary of Taxation”