Individual and consumption taxesIndividual income taxes, excise taxes, inheritance & gift taxes. A tax levy is the seizure of assets to pay taxes due. Taxes can include penalties such as garnishing wages or seizing assets and bank accounts. Taxes usually appear after the government has placed a tax levy.
Taxation is a term for when a tax authority, usually a government, imposes or imposes a financial obligation on its citizens or residents. The payment of taxes to governments or officials has been a pillar of civilization since ancient times.