human
Explain the different types of taxes?
assistant
1. Income Tax: This is a type of tax imposed on individuals or entities (such as businesses) that varies with the income or profits (taxable income) of the taxpayer.
2. Sales Tax: This is a consumption tax imposed by the government on the sale of goods and services.
3. Property Tax: This is a tax imposed on real property such as residential, commercial, and industrial buildings, land, improvements to land, and personal property such as vehicles and boats.
4. Excise Tax: This is a tax imposed on certain goods and services that are deemed to be harmful to society.
5. Inheritance and Gift Tax: This is a tax imposed on property inherited or given as gifts.