Excise Tax
Excise Tax means:
a tax imposed on an act, occupation, privilege, manufacture, sale, or consumption. In recent years, this term has been applied to just about every tax except the income tax and the property tax. In general, federal, state, and local excise taxes (e.g., on tobacco, gasoline, and spirits) are not deductible by an individual. Former IRC (check if this IRC provision is current here) §4041. In other words, a tax on the sale or use of specific products or transactions.
U.S. and other Developed Countries International Tax Meaning
A tax imposed on an act, occupation, privilege, manufacture, sale, or consumption.
See the entries Income Tax and State Income Tax in the American Encyclopedia of Law.
See Property Tax in the American Legal Encyclopedia and Property Tax in the World Legal Encyclopedia.
Description and Definition of Excise Tax
Excise taxes are taxes on the sale or use of certain products or transactions. You cannot deduct most excise taxes, including those for airline tickets, gasoline, spirits, or tobacco.
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