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Excess burden of taxation, the Glossary

Index Excess burden of taxation

In economics, the excess burden of taxation is one of the economic losses that society suffers as the result of taxes or subsidies.[1]

Table of Contents

  1. 29 relations: Adam Smith, Alcohol (drug), Black market, Cost–benefit analysis, Crime, Derivative, Economics, Effect of taxes and subsidies on price, Externality, Illegal drug trade, Income tax, Laffer curve, Land value tax, Lump-sum tax, Marginal cost of public funds, Market distortion, Optimal tax, Pigouvian tax, Pollution, Progressive tax, Prohibition, Sales tax, Sin tax, T. N. Srinivasan, Tax, Tax incidence, The New Palgrave Dictionary of Economics, Tobacco, Welfare trap.

  2. Tax incidence
  3. Theory of taxation

Adam Smith

Adam Smith (baptised 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment.

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Alcohol (drug)

Alcohol, sometimes referred to by the chemical name ethanol, is one of the most widely used and abused psychoactive drugs in the world and falls under the depressant category.

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Black market

A black market, underground economy, or shadow economy is a clandestine market or series of transactions that has some aspect of illegality or is not compliant with an institutional set of rules.

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Cost–benefit analysis

Cost–benefit analysis (CBA), sometimes also called benefit–cost analysis, is a systematic approach to estimating the strengths and weaknesses of alternatives. Excess burden of taxation and Cost–benefit analysis are welfare economics.

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Crime

In ordinary language, a crime is an unlawful act punishable by a state or other authority.

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Derivative

The derivative is a fundamental tool of calculus that quantifies the sensitivity of change of a function's output with respect to its input.

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Economics

Economics is a social science that studies the production, distribution, and consumption of goods and services.

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Effect of taxes and subsidies on price

Taxes and subsidies change the price of goods and, as a result, the quantity consumed.

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Externality

In economics, an externality or external cost is an indirect cost or benefit to an uninvolved third party that arises as an effect of another party's (or parties') activity. Excess burden of taxation and externality are welfare economics.

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Illegal drug trade

The illegal drug trade, drug trafficking, or narcotrafficking is a global black market dedicated to the cultivation, manufacture, distribution and sale of prohibited drugs.

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Income tax

An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income).

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Laffer curve

In economics, the Laffer curve illustrates a theoretical relationship between rates of taxation and the resulting levels of the government's tax revenue.

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Land value tax

A land value tax (LVT) is a levy on the value of land without regard to buildings, personal property and other improvements upon it.

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Lump-sum tax

A lump-sum tax is a special way of taxation, based on a fixed amount, rather than on the real circumstance of the taxed entity. Excess burden of taxation and lump-sum tax are theory of taxation and welfare economics.

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Marginal cost of public funds

The marginal cost of public funds (MCF) is a concept in public finance which measures the loss incurred by society in raising less revenues to finance government spending due to the distortion of resource allocation caused by taxation.

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Market distortion

In neoclassical economics, a market distortion is any event in which a market reaches a market clearing price for an item that is substantially different from the price that a market would achieve while operating under conditions of perfect competition and state enforcement of legal contracts and the ownership of private property.

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Optimal tax

Optimal tax theory or the theory of optimal taxation is the study of designing and implementing a tax that maximises a social welfare function subject to economic constraints. Excess burden of taxation and optimal tax are theory of taxation.

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Pigouvian tax

A Pigouvian tax (also spelled Pigovian tax) is a tax on any market activity that generates negative externalities (i.e., external costs incurred by third parties that are not included in the market price).

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Pollution

Pollution is the introduction of contaminants into the natural environment that cause adverse change.

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Progressive tax

A progressive tax is a tax in which the tax rate increases as the taxable amount increases. Excess burden of taxation and progressive tax are tax incidence.

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Prohibition

Prohibition is the act or practice of forbidding something by law; more particularly the term refers to the banning of the manufacture, storage (whether in barrels or in bottles), transportation, sale, possession, and consumption of alcoholic beverages.

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Sales tax

A sales tax is a tax paid to a governing body for the sales of certain goods and services.

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Sin tax

A sin tax (also known as a sumptuary tax, or vice tax) is an excise tax specifically levied on certain goods deemed harmful to society and individuals, such as alcohol, tobacco, drugs, candies, soft drinks, fast foods, coffee, sugar, gambling, and pornography.

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T. N. Srinivasan

T.

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Tax

A tax is a mandatory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization to collectively fund government spending, public expenditures, or as a way to regulate and reduce negative externalities.

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Tax incidence

In economics, tax incidence or tax burden is the effect of a particular tax on the distribution of economic welfare.

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The New Palgrave Dictionary of Economics

The New Palgrave Dictionary of Economics (2018), 3rd ed., is a twenty-volume reference work on economics published by Palgrave Macmillan.

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Tobacco

Tobacco is the common name of several plants in the genus Nicotiana of the family Solanaceae, and the general term for any product prepared from the cured leaves of these plants.

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Welfare trap

The welfare trap (or unemployment trap or poverty trap in British English) theory asserts that taxation and welfare systems can jointly contribute to keep people on social insurance because the withdrawal of means-tested benefits that comes with entering low-paid work causes there to be no significant increase in total income.

See Excess burden of taxation and Welfare trap

See also

Tax incidence

Theory of taxation

References

[1] https://en.wikipedia.org/wiki/Excess_burden_of_taxation

Also known as Deadweight loss of taxation, Exess burden, Fiscal neutrality, Marginal cost of funds.