Series 7: Specific Tax

Taken from our Series 7 - General Securities Representative Exam

Definition of the term Specific Tax...

a tax based on something's quantity. Compare with ad valorem tax, which is a tax on something's value. Alcohol, cigarette, and gas taxes are typically unit taxes because they are typically based on the amount purchased, not the purchase price. By contrast, sales, income, and property taxes are ad valorem taxes.

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