Gift tax falls under which tax category?
a. payroll tax
b. property tax
c. purchase tax
d. wealth tax

Answer;

-Wealth tax

Explanation;

-Wealth tax is a tax that is imposed on the wealth possessed by individuals in a country. The tax is on a person's net worth which is assets minus liabilities. These assets include, but are not limited to, cash, bank deposits, shares, fixed assets, personal cars, assessed value of real property, pension plans, money funds, owner occupied housing, and trusts.

- Wealth tax is a tax based on the market value of assets that are owned.  This type of tax is also called capital tax or equity tax. Wealth taxes are used by governments principally as a means of promoting social equity by reducing disparities in wealth holdings.  

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