Senior Policy Analyst Ulrik Boesen joins TaxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. Foundation President Scott Hodge discuss and explore the wide and varied world of excise taxAn excise tax is a tax imposed on a specific good or activity. Excise taxes are commonly levied on cigarettes, alcoholic beverages, soda, gasoline, insurance premiums, amusement activities, and betting, and typically make up a relatively small and volatile portion of state and local and, to a lesser extent, federal tax collections. ation.
Marijuana, betting, soda, ride-sharing—over the last decade, the excise tax family has grown significantly and it’s more crucial than ever that lawmakers, businesses, and consumers understand the possibilities and, more importantly, limitations of excise tax application.
Learn about the history of excise taxes, how they impact government revenues and the economy, and where we see today’s trends leading in this episode of The Deduction.