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Taxes

A tax is a charge or levy of money made by a governmental entity (state, local, or federal) against a taxpayer—usually a U.S. citizen or a person living or working in the United States. There are many kinds of taxes, including income tax, capital-gains tax, property tax, franchise tax, gift tax, ad valorem tax, sales tax, use tax, inheritance tax, and estate tax.

In Alaska (AK), there is no state income tax or sales tax imposed by the state government, which makes it unique among U.S. states. However, some local jurisdictions within Alaska may impose their own local sales taxes. The state does not collect capital gains taxes separately, as there is no state income tax. Property taxes are levied by local municipalities rather than at the state level, and the rates can vary depending on the location. Alaska does not have a state-level franchise tax, gift tax, or inheritance tax. However, residents are still subject to federal taxes, including federal income tax, capital gains tax, and estate tax. The federal estate tax applies to the transfer of an estate of a deceased person above a certain value threshold. It's important for residents and those doing business in Alaska to be aware of local tax regulations and federal tax obligations.

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