Taxes on specific goods such as cigarettes,gasoline,and alcoholic beverages are called
A)sales taxes.
B)excise taxes.
C)social insurance taxes.
D)consumption taxes.

Question

Quizplus · Accepted Answer

Excise taxes are taxes levied on specific goods and services, often those that are deemed to have negative externalities (such as cigarettes, gasoline, and alcoholic beverages). These taxes are typically included in the price of the product and paid by the consumer or producer. Sales taxes are generally levied on all products sold within a jurisdiction, while social insurance taxes are used to fund specific social insurance programs and are typically levied on wages and self-employment income. Consumption taxes can refer to any tax that is levied on spending or consumption, but excise taxes are a specific type of consumption tax that is levied on specific goods or services.

Taxes on Specific Goods Such as Cigarettes,gasoline,and Alcoholic Beverages Are