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How to excise comment article

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in this video were going to discuss the concept of excise taxes so an excise tax is just a tax thats been imposed on specific goods and services and this key word here is specific so its not a broad general tax on goods and services like a sales tax so when we think about the types of specific goods and services that are typically subject to to an excise tax we think about things like fuel gasoline things like like alcohol beer cigarettes air travel phone service so these are the types of things you typically have an excise tax on so even though its not as broad as you know for example a sales tax this is still very important text because the excise tax can actually be quite high on some of these things right so it might be for example for a package of cigarettes maybe theres a federal excise tax of $1.00 per pack so when we think of and I should probably mention here that when we talk about whether the excise tax is being imposed its imposed that could be a federal excise tax or

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What are some examples of excise?

In general, an excise tax is a tax is imposed on the sale of specific goods or services, or on certain uses. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.

Why did farmers oppose the excise tax on whiskey?

Western farmers felt the tax was an abuse of federal authority wrongly targeting a demographic that relied on crops such as corn, rye, and grain to earn a profit.

Why does Hamilton want the whiskey tax?

Hamilton had proposed the tax on distilled spirits to raise revenue to pay down the national debt. It had soared after the federal government assumed debts incurred by states in the Revolutionary War as part of the grand bargain that led to the adoption of the U.S. Constitution.

What is the main purpose of excise tax?

An excise tax is a tax a government levies on specific goods and services, often with the goal of discouraging their consumption or to make up for their associated social costs. Unlike traditional sales taxeswhich apply to broad swaths of commerceexcise taxes target items such as fuel, tobacco, and firearms.

Why was there a tax on whiskey in 1791?

The Distilled Spirits Tax of 1791 In early 1791, to help pay off the resulting national debt, Congress used its new constitutional authority to lay and collect Taxes, Duties, Imposts and Excises and passed the first nationwide internal revenue taxan excise tax on distilled spirits.

How does excise tax affect the economy?

It implies that the application of taxation will lead to a decrease in quantity demanded. Excise taxes lead to either consumers paying more or producers receiving less.

What was the purpose of the excise tax on whiskey?

The whiskey tax became law in 1791, and was intended to generate revenue for the war debt incurred during the Revolutionary War. The tax applied to all distilled spirits, but consumption of American whiskey was rapidly expanding in the late 18th century, so the excise became widely known as a whiskey tax.

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Excise comment article easily