Taxes

Taxes are involuntary fees levied on individuals or corporations and enforced by a government entity—whether local, regional or national—in order to finance government activities.

To help fund public works and services—and to build and maintain the infrastructures used in a country—the government usually taxes its individual and corporate residents. The tax collected is used for the betterment of the economy and all living in it. In the U.S. and many other countries in the world, taxes are applied to some form of money received by a taxpayer. The money could be income earned from salary, capital gains from investment appreciation, dividends received as additional income, payment made for goods and services, etc.

Sources:

⠀ https://www.investopedia.com/terms/t/taxes.asp