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LSDefine
Simple English definitions for legal terms
stopgap tax
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A quick definition of stopgap tax:
A stopgap tax is a type of tax that is put in place temporarily to address a specific issue or need. Taxes are charges imposed by the government on people, businesses, transactions, or property to generate public revenue. They can take many forms, including duties, imposts, and excises. Taxes are used to support government operations and meet public needs. A stopgap tax is a short-term solution to a specific problem and is not meant to be a permanent tax.
A more thorough explanation:
A stopgap tax is a type of tax imposed by the government on individuals, entities, transactions, or property to generate public revenue. It is a temporary measure taken to address a specific financial need or crisis.
- An additional tax imposed on luxury goods during a recession to generate revenue for the government.
- An admission tax imposed on tickets for a sporting event to fund the construction of a new stadium.
These examples illustrate how a stopgap tax is used to address a specific financial need or crisis. In the first example, the government imposes an additional tax on luxury goods during a recession to generate revenue to address the economic crisis. In the second example, an admission tax is imposed on tickets for a sporting event to fund the construction of a new stadium, which is a specific financial need.