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What is tax anyways?

Tax has been around for thousands of years, and we all know the famous quote by Benjamin Franklin that “nothing is certain in this world except death and taxes”.

But what is tax really?

Here is a definition from Oxford Languages:

Tax is a compulsory contribution to state revenue, levied by the government on workers’ income and business profits, or added to the cost of some goods, services, and transactions.

Oxford Languages

Put more simply, tax is something that everyone has to pay to their government at some time in their lives, whether they like it or not.