What does tax break mean?

Definitions for tax break
tax break

This dictionary definitions page includes all the possible meanings, example usage and translations of the word tax break.

Princeton's WordNet

  1. tax benefit, tax breaknoun

    a tax deduction that is granted in order to encourage a particular type of commercial activity

Wiktionary

  1. tax breaknoun

    A deduction in tax that is given in order to encourage a certain economic activity or a social objective

Wikipedia

  1. Tax break

    Tax break also known as tax preferences, tax concession, and tax relief, are a method of reduction to the tax liability of taxpayers. Government usually applies them to stimulate the economy and increase the solvency of the population. By this fiscal policy act, government favourable behaving of population sample or general behaving. By announcing a new tax break state budget possibly deprecate some of their revenues from collecting taxes. On the other hand, a new tax break stimulates the economy of subjects in the state, which could possibly strengthen the increase of outcomes that will be taxed. Every tax break must go through the Legislative system to be accepted by authorized institutions to become valid. Most of the countries pledge this position to the Ministry of finance, which approves new tax breaks as tax law. Whether for validation is needed an agreement with other constitutional officials depends on state legislative. However, in the same manner, could the tax break be annulled. In many cases tax break is announced with a limitation factor, which restricts the maximum use of this tax break. For example, a tax credit is given for purchases of electric cars. The tax credit should deprecate 10% from purchases, but the limiting factor is 500$, which can’t be exceeded.The tax break is utilized for numerous potential aims. One of the majors is to provide the low-income class with more assurances. More income obtained by tax breaks could potentially provide this population fragment with a greater proportion of welfare. Otherwise, tax breaks are commonly used to promote education, the environment, health care, unemployed, but even to support eco-farming. Volunteering activities, religions, and local political parties are mostly excluded from tax liability. Some of the tax breaks could be obtained by passive acting. But most of them require some active acting to obtain them. For diverse tax breaks obtaining is variously complicated. It unfolds from legislative and current law focused on a tax break. Frequently tax break is obtained after a request sends to the authorized institution, which could confirm, refuse, or send a request back for redraft. As well it depends on the type of tax break. One type could remove full tax liability but commonly mean exclusion tax. Another type is decline liability of subject and in an extreme case is untaxable minimum. That excludes taxes, which will collect that small amounts of money, that neither levy tax won’t be paid by this collected amount. Some objects could be fully released from taxes. That occurs in a nonstandard situation such as local catastrophe, paralysis, or death major member of the household. The tax break, which is abundantly used is social security income relief, while individuals are in retirement years. Tax exemptions for citizens, which live or work abroad are also significantly represented in the tax break framework. Otherwise, frequent tax exemption aims at most common taxes as Income tax rate, Social Security Tax, Corporate Income Tax, and Excise Tax. Highly beneficial tax breaks are entirely eliminated certain types of income from the return. These types are applying to certain taxpayers as one entity. A new tax break in some cases prevents from shifting the tax burden to tax heavens.

ChatGPT

  1. tax break

    A tax break, also known as tax relief or tax concession, is a reduction in the amount of tax that an individual or business needs to pay to the government. These breaks can come in various forms such as deductions, allowances, credits, exemptions, or rebates and are often given to promote certain economic activities or to provide assistance to taxpayers in specific categories.

Wikidata

  1. Tax break

    Tax break is a term referring to any item which avoids taxes, including any tax exemption, tax deduction, or tax credit. "Tax break, or "tax loophole," is used pejoratively in the United States to refer to purportedly favorable tax treatment of any class of persons, as in "individuals get a tax break for so and so". As of 2013, expansion and exploitation by major corporations of like-kind exchanges, originally intended to relieve family farmers of capital gains tax when swapping land or livestock, was cited by The New York Times as an example of the need for tax reform. The purpose of a tax break should be to: a) promote an activity that benefits society in the future and b) gives relief to those who currently need help.

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Numerology

  1. Chaldean Numerology

    The numerical value of tax break in Chaldean Numerology is: 4

  2. Pythagorean Numerology

    The numerical value of tax break in Pythagorean Numerology is: 1

Examples of tax break in a Sentence

  1. Chuck Schumer:

    If he aims a proposal aimed at the middle class and the poor people, doesn't give breaks to the rich -- they're doing great, God bless them, I'm glad they're doing great; they don't need another tax break -- we could work with them, but I don't think they're headed in that direction, and they're going repeat the same mistake they made on Trumpcare with tax reform.

  2. Susan Helper:

    Scott Paul just gave these companies a blank check, a corporate tax break that could have been used for all kinds of other things, why are Scott Paul letting them do this ?

  3. Gretchen Whitmer:

    Let's be realistic, gas prices have been skyrocketing through the roof, and our leadership in Michigan and in Lansing has failed the voters multiple times by not voting to remove the taxes. people are struggling to put food on the table. The cost of everything has gone up. We've seen the cost of gas continuously come down for the last month and a half. That's a good thing, but I have been trying to get our legislature to work with me, to give families a tax break, a holiday on the sales tax as they get ready to go back to school. My Republican-led legislature wouldn't do My Republican-led legislature.

  4. Rasmus Skand:

    That( share reaction) is a bit short-sighted. This year will be strong but the following years are uncertain. We don't know what will happen to the U.S. tax break, and reference margins will be under pressure.


Translations for tax break

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"tax break." Definitions.net. STANDS4 LLC, 2024. Web. 20 Jun 2024. <https://www.definitions.net/definition/tax+break>.

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