56 articles
MACRS
MACRS (Modified Accelerated Cost Recovery System) is the U.S. federal tax depreciation system under IRC section 168, replacing ACRS for property placed in service after 1986, with GDS and ADS recovery periods of 3 to 39 years.
One Big Beautiful Bill Act
One Big Beautiful Bill Act (OBBBA), Public Law 119-21, H.R. 1 of 2025: US reconciliation law signed July 4, 2025 making TCJA tax cuts permanent, adding tip, overtime, and senior deductions, and cutting Medicaid, ACA, and SNAP.
Professional Tax
Professional tax is a state-level Indian tax on employment, profession, trade, or calling under Article 276 of the Constitution, capped at ₹2,500 per person per year, deducted from salary by employers and deductible under Section 16(iii) of the Income-tax Act.
Property tax in the United States
Property tax in the United States is a tax on real and personal property, levied mostly by local governments, which collected $630 billion in 2021.
RIGI (Argentina)
RIGI (Régimen de Incentivo para Grandes Inversiones) is an Argentine investment incentive scheme created in 2024 under President Javier Milei to attract large projects with tax and foreign exchange benefits.
SECURE 2.0 Act
SECURE 2.0 Act of 2022, Division T of the Consolidated Appropriations Act, 2023 (Public Law 117-328), is US retirement legislation with over ninety provisions: mandatory automatic enrollment, Roth catch-up rules, RMD age changes, and small business credits.
Stamp duty
Stamp duty: a tax on documents transferring property, shares, or securities, named for embossed revenue stamps first used in England in 1694; now charged on transaction value, e.g. UK SDLT and Singapore BSD/SSD/ABSD.
Sugar Act
Sugar Act (American Revenue Act, 1764): British Parliament law revising the 1733 Molasses Act, cutting molasses duty from 6 to 3 pence per gallon, taxing sugar, wine, and coffee, and strictly enforcing collection via vice-admiralty courts; distinct from the British Sugar Act of 1846.
Tax avoidance
Tax avoidance: legal reduction of tax liability, distinct from illegal tax evasion and from tax planning. Covers corporate profit shifting channels, the BEPS framework, the 15% global minimum tax, and UK tax gap measurement.
Tax Day
Tax Day is the United States federal individual income tax filing deadline, generally April 15 for calendar-year filers. Moved from March 1 to March 15 (1918) to April 15 (1954); extensions to October 15, Emancipation Day shifts, and COVID-19 delays alter it in some years.
Tax deduction
Tax deduction: an amount subtracted from taxable income. Covers US standard vs. itemized deductions, above-the-line deductions, history since 1913, and 2025-2026 OBBBA amounts and new breaks.
Tax evasion
Tax evasion is the illegal, criminally punishable nonpayment of taxes owed, distinct from legal tax avoidance. Covers forms, measurement via random audits, US losses of $116–304 billion, offshore leaks, and enforcement.
Tax exemption
Tax exemption removes qualifying organizations, property, or transactions from a tax base; in the U.S. it centers on IRC 501(c)(3) charities, churches, and nonprofits, built by statutes from the 1894 Wilson-Gorman Tariff Act onward, with deduction, inurement, filing, and revocation rules.
Tax returns of Donald Trump
Donald Trump's tax returns: federal and state filings he refused to release as candidate and president, first major-party nominee since 1976 not to; NYT 2020 leak showed $750 paid in 2016 and 2017; House Ways and Means released 2015–2020 returns in December 2022.
Taxation in France
Taxation in France covers income taxes, VAT, social contributions, and local taxes, with a 43.5% tax-to-GDP ratio in 2024, progressive income tax brackets of 0-45%, a 25% corporate rate, and one of the OECD's highest labour tax wedges.
Taxation in Germany
Taxation in Germany: the federal, state, and municipal tax system with a 38.0% tax-to-GDP ratio (2024), 47.9% tax wedge, 19% VAT, 15% corporate tax, shaped by the Miquel and Erzberger reforms.
Taxation in India
Taxation in India is a system of taxes collected by three tiers of government, governed by the Income-tax Act, 2025, which replaced the 1961 Act in 2026.
Taxation in New Zealand
Taxation in New Zealand: the national tax system administered by Inland Revenue, built on income tax (progressive rates 10.5%–39%) and 15% GST, raising over 90% of core Crown tax revenue, with self-assessment and a 183-day tax residence rule.
Taxation in Puerto Rico
Taxation in Puerto Rico: a separate Hacienda-run Commonwealth tax system plus partial federal taxation; bona fide residents are exempt from federal income tax on Puerto Rico-source income under IRC section 933, pay FICA taxes, and Act 60 incentives offer 4% corporate rates and investment income exemptions.
Taxation in Sweden
Taxation in Sweden: the national, municipal, and regional tax system run by Skatteverket. Dual income tax with ~52% top marginal labour rate, 30% capital tax, 20.6% corporate tax, 25% VAT; tax-to-GDP 41.4% in 2023.
Taxation in Switzerland
Taxation in Switzerland: a three-level federal system in which the 26 cantons levy their own income, wealth and corporate taxes, VAT stands at 8.1%, corporate rates run 11.7-21.6%, and the OECD 15% minimum tax applies since 2024.
Taxpayer Identification Number
Taxpayer Identification Number (TIN): unique identifier assigned by a jurisdiction for tax administration; in the U.S. covers SSN, EIN, ITIN, ATIN, and PTIN, and internationally underpins CRS information exchange.
Tea Act
The Tea Act (13 Geo. 3 c. 44, May 1773) gave the East India Company duty-free direct tea exports to America and a colonial sales monopoly, triggering the Boston Tea Party of 16 December 1773 and the 1774 Coercive Acts.
Trump v. Internal Revenue Service
Trump v. Internal Revenue Service: 2026 Florida federal lawsuit by Donald Trump, the Trump Organization, and his sons seeking $10 billion from the IRS over the Charles Littlejohn tax-return leak; settled May 18, 2026 with a $1.776 billion fund and an audit bar.
VAT identification number
A VAT identification number, also called a VAT number or VATIN, is a unique number identifying a business registered for value added tax, issued by national tax administrations.
Write-off
Write-off: colloquial term for a tax deduction, an amount subtracted from taxable income for costs, losses, or depreciation; distinct from a credit, and also used for accounting write-offs and cancellation of uncollectible tax debt.