taxation
n. uncountablen. the system of taxing people or the money that a government collects from its citizens. This money is used to pay for public services like schools, roads, and hospitals.
n. the process or system by which a government levies fees on individuals and entities to fund public expenditure. Often used to refer to the total revenue collected through this mechanism.
The government is planning to increase taxation on luxury goods.
High levels of taxation can provide excellent public services but may also reduce the amount of money people have to spend.
Economists often debate whether progressive taxation effectively redistributes wealth or if it inadvertently discourages private investment and long-term industrial growth.
From Middle English taxacioun, from Anglo-Norman taxacion, from Latin taxātio (“rating, appraisal”). By surface analysis, tax + -ation.