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- Taxes Definition: Types, Who Pays, and Why - Investopedia
Taxes are mandatory contributions levied on individuals or corporations by a government entity—whether local, regional, or national Tax revenues finance government activities, including public
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Taxes are money collected to fund government operations and public services Before income taxes were introduced, the U S government relied mainly on import taxes, called tariffs, to raise revenue Today, Americans pay several types of taxes, including income, property, sales, excise, capital gains and estate taxes
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