Definition

Noun: An increase in the amount of money that must be paid to the government as tax. It refers specifically to the act or instance of raising tax rates or the resulting higher amount of tax collected.

Usage

This term is used to describe a policy change or event where the required tax payment is raised. It is commonly discussed in contexts like government policy, economics, news, and personal finance. * The government proposed a tax increase to fund new infrastructure projects. * Many citizens are concerned about the potential tax increase next year.

Examples

• The new budget includes a significant tax increase for high-income earners.
• Economists debated the impact of the proposed tax increase on economic growth.
• The mayor argued that the tax increase was necessary to improve public schools.

Advanced Usage

• "to enact a tax increase": To officially pass and implement a higher tax.
  • The council voted to enact a tax increase on property.
• "across-the-board tax increase": A tax raise that applies to all categories or taxpayers uniformly.
  • The plan called for an across-the-board tax increase of 2%.

Variants and Related Words

• Tax hike (noun): An informal synonym for "tax increase."
  • The sudden tax hike surprised many small business owners.
• Tax raise (noun): Another common synonym.
  • The tax raise was met with public protests.

Synonyms

• Tax hike
• Tax raise
• Boost in taxes

Antonyms

• Tax cut
• Tax reduction
• Tax decrease

Noun

1. the amount by which taxes are increased
   • a tax increase of 15 percent