Tariffs
Tariffs, also called duties or customs duties, are taxes levied on imported or exported goods.
Import duties are considered consumption taxes because they are levied on goods to be consumed.
They protect domestic industries from foreign competition by making imported goods more expensive than their domestic counterparts.
Property
A property tax is a tax on an individual’s, both financial (such as stocks and bonds) and real (such as houses, cars, and artwork).
In the United States, state and local governments levy property taxes on buildings—such as homes, office buildings, and factories—and on land.
There is no federal property tax.
The property tax is by far the largest source of revenue for local governments.
Property Taxes
The property tax is often unpopular with homeowners.
One reason is that, because homes are not sold very often, governments must levy the tax on the estimated value of the dwelling.
Some citizens believe that the government overvalues their homes, leading to unfairly high property tax burdens.
Estate, Inheritance, and Gift Taxes
When a person dies, the property that he or she leaves for others may be subject to tax. An estate tax is a tax on the deceased person’s estate. Most governments levy estate taxes before the deceased person’s property passes to heirs.
An inheritance tax also taxes the value of the deceased person’s estate, but after the estate passes to heirs. The inheritors pay the tax.
Estate and inheritance taxes are sometimes collectively called death taxes.
A gift tax is a tax on the transfer of property between living people.