1. Money

Excise Tax

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Definition:

An excise tax is a tax on use or consumption of certain products. Excise taxes are sometimes included in the price of a product, such as motor fuels, cigarettes, and alcohol. Excise taxes may also be imposed on some activities, like gambling. Excise taxes may be imposed by the federal government or by a state.

Learn more about excise taxes: the kinds of products excise taxes are imposed on, and when they must be paid.

The IRS has information on excise taxes imposed on individuals and businesses.

Also Known As: Duty

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