Define an excise tax and its purpose. What industries are subject to this tax? How might this affect your business planning decisions before your open a new business? Does the excise tax rate vary by industry? If so, which industry is taxed the highest? When and how are these taxes paid?

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An excise tax is a tax imposed on the sale of specific goods and services and it can be levied by both federal and state governments Excise taxes are typically applied to items such as alcohol tobacco ... View the full answer