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Excess burden of taxation

Index Excess burden of taxation

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

33 relations: Adam Smith, Alcohol, Black market, Cost–benefit analysis, Crime, Deadweight loss, Derivative, Distortion (economics), 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, Optimal tax, Pigovian tax, Pollution, Progressive tax, Prohibition, Sales tax, Sin tax, T. N. Srinivasan, Tax, Tax incidence, Tax rate, The New Palgrave Dictionary of Economics, Tobacco, Underclass, United Kingdom, Welfare trap.

Adam Smith

Adam Smith (16 June 1723 NS (5 June 1723 OS) – 17 July 1790) was a Scottish economist, philosopher and author as well as a moral philosopher, a pioneer of political economy and a key figure during the Scottish Enlightenment era.

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Alcohol

In chemistry, an alcohol is any organic compound in which the hydroxyl functional group (–OH) is bound to a carbon.

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Black market

A black market, underground economy, or shadow economy is a clandestine market or transaction that has some aspect of illegality or is characterized by some form of noncompliant behavior with an institutional set of rules.

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Cost–benefit analysis

Cost–benefit analysis (CBA), sometimes called benefit costs analysis (BCA), is a systematic approach to estimate the strengths and weaknesses of alternatives (for example in transactions, activities, functional business requirements or projects investments); it is used to determine options that provide the best approach to achieve benefits while preserving savings.

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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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Deadweight loss

A deadweight loss, also known as excess burden or allocative inefficiency, is a loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved.

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Derivative

The derivative of a function of a real variable measures the sensitivity to change of the function value (output value) with respect to a change in its argument (input value).

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Distortion (economics)

A distortion is "any departure from the ideal of perfect competition that therefore interferes with economic agents maximizing social welfare when they maximize their own".

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Economics

Economics is the 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 is the cost or benefit that affects a party who did not choose to incur that cost or benefit.

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Illegal drug trade

The illegal drug trade or drug trafficking is a global black market dedicated to the cultivation, manufacture, distribution and sale of drugs that are subject to drug prohibition laws.

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Income tax

An income tax is a tax imposed on individuals or entities (taxpayers) that varies with respective income or profits (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 government revenue.

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Land value tax

A land/location value tax (LVT), also called a site valuation tax, split rate tax, or site-value rating, is an ad valorem levy on the unimproved value of land.

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Lump-sum tax

A lump-sum tax is a tax that is a fixed amount, no matter the change in circumstance of the taxed entity.

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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 additional revenues to finance government spending due to the distortion of resource allocation caused by taxation.

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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.

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Pigovian tax

A Pigovian tax (also spelled Pigouvian tax) is a tax on any market activity that generates negative externalities (costs 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.

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Prohibition

Prohibition is the illegality of the manufacturing, storage in barrels or bottles, transportation, sale, possession, and consumption of alcohol including alcoholic beverages, or a period of time during which such illegality was enforced.

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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 is an excise tax specifically levied on certain goods deemed harmful to society, for example alcohol and tobacco, candies, drugs, soft drinks, fast foods, coffee, sugar, gambling and pornography.

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T. N. Srinivasan

T.

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Tax

A tax (from the Latin taxo) is a mandatory financial charge or some other type of levy imposed upon a taxpayer (an individual or other legal entity) by a governmental organization in order to fund various public expenditures.

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Tax incidence

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

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Tax rate

In a tax system, the tax rate is the ratio (usually expressed as a percentage) at which a business or person is taxed.

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The New Palgrave Dictionary of Economics

The New Palgrave Dictionary of Economics (2008), 2nd ed., is an eight-volume reference work on economics, edited by Steven N. Durlauf and Lawrence E. Blume and published by Palgrave Macmillan.

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Tobacco

Tobacco is a product prepared from the leaves of the tobacco plant by curing them.

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Underclass

The underclass is the segment of the population that occupies the lowest possible position in a class hierarchy, below the core body of the working class.

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United Kingdom

The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed with some organisations, including the and preferring to use Britain as shorthand for Great Britain is a sovereign country in western Europe.

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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.

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Redirects here:

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

References

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

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