Property Tax | TaxEDU Glossary
A property tax is primarily levied on immovable property like land and buildings, as well as on tangible personal property that is movable, like vehicles and equipment.| Tax Foundation
A property tax is primarily levied on immovable property like land and buildings, as well as on tangible personal property that is movable, like vehicles and equipment.| Tax Foundation
The federal child tax credit (CTC) is a partially refundable credit that allows low- and moderate-income families to reduce their tax liability dollar-for-dollar by up to $2,000 for each qualifying child.| Tax Foundation
The principles of sound tax policy should serve as touchstones for policymakers everywhere. See Tax Foundation principles.| Tax Foundation
A tax credit is a provision that reduces a taxpayer’s final tax bill, dollar-for-dollar. A tax credit differs from deductions and exemptions, which reduce taxable income, rather than the taxpayer’s tax bill directly.| Tax Foundation
Taxable income is the amount of income subject to tax, after deductions and exemptions. For both individuals and corporations, taxable income differs from—and is less than—gross income.| Tax Foundation
The standard deduction reduces a taxpayer’s taxable income by a set amount determined by the government. It was nearly doubled for all classes of filers by the 2017 Tax Cuts and Jobs Act as an incentive for taxpayers not to itemize deductions when filing their federal income taxes.| Tax Foundation
A tax deduction is a provision that reduces taxable income. A standard deduction is a single deduction at a fixed amount. Itemized deductions are popular among higher-income taxpayers who often have significant deductible expenses, such as state/local taxes paid, mortgage interest, and charitable contributions.| Tax Foundation
A sales tax is levied on retail sales of goods and services and, ideally, should apply to all final consumption with few exemptions.| Tax Foundation
Stay informed on the tax policies impacting you with the Tax Foundation's Above-the-Line tax newsletter. Explore popular tax newsletters.| Tax Foundation
Tax pyramiding occurs when the same final good or service is taxed multiple times along the production process. This yields vastly different effective tax rates depending on the length of the supply chain and disproportionately harms low-margin firms. Gross receipts taxes are a prime example of tax pyramiding in action.| Tax Foundation
