When most people think about the Internal Revenue Code, they think about the income tax. More sophisticated individuals may also mention estate and gift taxes. But the Code is also full of excise taxes. They are imposed on diesel fuel, kerosene, gas guzzlers, coal, certain vaccines, fishing rods, tackle boxes, electric outboards, bows and arrows, firearms, communications, transportation by air, and many other goods, services, and transactions. These excise taxes are located in subtitle D, which contains chapters 31 through 50 of the Code.

The term “excise” is derived from a word used in connection
with surgery: The surgeon excised the tumor.… Read More