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Today's Terms
Excise tax
Definition:
A tax on the sale or use of specific products or transactions.
Federal income tax
Definition:
The federal government levies a tax on personal income. The federal income tax provides for national programs such as defense, foreign affairs, law enforcement, and interest on the national debt.
Electric and Clean-Fuel Vehicles
Definition:
For vehicles placed in service in 2004, the maximum clean-fuel vehicle deduction and qualified electric vehicle credit are scheduled to be reduced by 25%, as compared to 2003.
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