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                                                        Types of Taxes

Excise Tax - tax on commodities, facilities, or privileges.

Gift Tax - tax on a gift from one person to another.

Inheritance Tax - tax on share of will.

Progressive Tax - a tax rate that increases as the income on which the tax is based grows larger.

Proportional Tax - a levy that takes the same proportion in taxes from low and high incomes.

Regressive Tax - a levy that takes a higher proportion from low incomes in taxes than it takes from high incomes.

Sin Tax - an excise tax levied on commodities that public policy deems undesirable in order to limit their consumption, such as taxes on cigarettes and alcohol.

Value Added Tax - A tax put on a product at sequential points in the production.