Excise

Noun

Definition: A tax levied on certain goods and commodities produced or sold within a country and on licenses granted for certain activities.

Synonyms: Duty, Tariff, Levy

Antonyms: Refund, Exemption

Examples:

The excise on cigarettes increased by 10%.
The government introduced a new excise on luxury goods.

Mnemonics:

Think of "excise" as taxes on goods or activities.

Etymology:

Origin:

Late Middle English (denoting a tax): from Old French, from a variant of Latin excisum 'cut out', neuter past participle of excidere, from ex- 'out' + caedere 'to cut'.

Historical Usage:

The term originated from the concept of cutting out a specific portion (tax) from the production or sale of goods.

Related Idioms:

Idiom:

"Excise tax"

Explanation:

Refers to the tax imposed on goods or activities within a country.

Misconceptions:

Misconception:

Confusing "excise" with general taxes.

Explanation:

Excise specifically refers to taxes imposed on certain goods and licenses, while general taxes encompass a broader range of categories.