Rankin County Tax Assessor – Taxo is a Latin language or the origin of the word tax, is a compulsory financial charge or some other type of retribution imposed upon a taxpayer (a person or other corporation) by a governmental department in order that maitain sundry public spending. A failure to pay, along with equivocation of or decline to taxation, is punishable by law. Taxes consist of direct or indirect taxes or may be settled in cash or as its labour equivalent. The first known taxation implemented in Old Egypt around 3000–2800 BC.
Most countries have a tax system to pay public facilities, national needs and government functions base on mutual agreement. Several levy a fix percentage rate of taxation on individual annual income, but most scale taxes refered to yearly income amounts. Most nations impose a tax on personal income as well as on corporation income. States or subunits often also impose wealth taxes, legacy taxes, gift taxes, property taxes, sales taxes, payroll taxes or tariffs.
In economic terms, taxation transfershandovers treasure from individuals or institutions to the government. This has results which could both increase and degrade economic growth or economic prosperity. Therefore, taxation is a highly debated topic.