Types of Taxes

Different taxes apply to different things. An income tax is based on taxable income, most commonly wages for a person or profit for a business. Other income, like investments or a pension, can also be taxable. A sales tax is one common kind of consumption tax, added to the price of many things people buy. Some taxes, like property tax, are based on owning something valuable, like a home, rather than on income or purchases. Not every tax applies equally to everyone or everything, since specific rules, rates, and exemptions vary widely by location and by the type of tax.

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