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What are the different types of taxes?
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1. Income Tax: This tax is based on the income that an individual earns and is paid to the government.
2. Capital Gains Tax: This tax is applied to profits made on the sale of assets such as stocks, bonds, or real estate.
3. Sales Tax: This is a tax collected by a retailer on the sale of goods and services.
4. Property Tax: This tax is based on the value of a person's property, and is usually paid to the local government.
5. Inheritance Tax: This tax is imposed on the transfer of property from one person to another, either through inheritance or gifts.
6. Gift Tax: This tax is imposed when a person gives a gift to another person, who does not pay for the gift.
7. Excise Tax: This is a tax imposed on certain goods and services, such as cigarettes, liquor, and fuel.