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Encyclopedia > Wealth tax

Because of the broad term "wealth", property tax, capital transfer taxes (inheritance tax, gift tax) and capital gains taxes are sometimes referred to as "wealth taxes". // Property tax is an ad valorem tax that an owner of real estate or other property pays on the value of the thing taxed. ... Inheritance tax, also known in some countries outside the United States as a death duty and referred to as an estate tax within the U.S, is a form of tax imposed upon the transfer of the property of the estate of a deceased person that is left to a... Inheritance tax, also known in some countries outside the United States as a death duty and referred to as an estate tax within the U.S, is a form of tax levied upon the bequest that a person may make in their will to a living person or organisation. ... In many jurisdictions, including the United States and the United Kingdom, a capital gains tax or CGT is charged on capital gains, that is the profit realised on the sale of an asset that was previously purchased at a lower price. ...

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Net worth tax

Some country's governments will require declaration of the tax payers balance sheet (assets and liabilities), and from that ask for a tax on net worth (assets minus liabilities), as a percentage of the net worth, or a percentage of the net worth exceeding a certain level. The tax is in place for both "natural" and in some cases legal "persons". Look up country in Wiktionary, the free dictionary. ... In formal bookkeeping and accounting, a balance sheet is a statement of the book value of a business or other organization or person at a particular date, usually at the end of its fiscal year, as distinct from an income statement, also known as a statement of profit and loss... Net worth (sometimes net assets) is the total assets minus total liabilities of an individual or company. ... In jurisprudence, a natural person is a human being perceptible through the senses and subject to physical laws, as opposed to an artificial person, i. ... A legal entity or artificial person is a legal construct with legal rights or duties such as the legal capacity to enter into contracts and sue or be sued. ...


In France the net worth tax on "natural persons" is called the "solidarity tax on wealth". In other places the tax may be called, or known as, a "Capital Tax", an "Equity Tax", a "Net Worth Tax", a "Net Wealth Tax", or just a "Wealth Tax". In jurisprudence, a natural person is a human being perceptible through the senses and subject to physical laws, as opposed to an artificial person, i. ... The solidarity tax on wealth is a French annual direct tax on those having assets in excess of 720,000 euros (as of January 1, 2003). ...


Most of the governments levying this net worth tax are big spenders with a relatively high government spending to GDP rate. And in no place where this kind of tax is in place does it contribute to more than 0.3% of the total tax intake ([1]). It is therefore by some people seen as a statement of philosophy more than a considerable revenue base for the government.


Within the European Union, only France, Spain, Greece, Luxembourg, and Sweden, impose a wealth tax, although often with lower rates and higher thresholds of imposition than in France. European countries that have abandoned any tax of this type in the past five years (since 2003) are Austria, Denmark, the Netherlands, and Germany. In Finland, starting 1.1.2006 the wealth tax has been abolished. In other countries, like Belgium or Great Britain, no tax of this type has ever existed.


With the removal of the estate tax in the United States planned for 2010, some governmental analysts are proposing an annual one percent net worth tax for people with a net worth over 100 million dollars. Inheritance tax, also known in some countries outside the United States as a death duty and referred to as an estate tax within the U.S, is a form of tax levied upon the bequest that a person may make in their will to a living person or organisation. ...


Since the Reagan administration began in 1981, the net worth of wealthy individuals in many instances have doubled or tripled, even when adjusted for inflation. The gap between the wealthy and the poor in the United States has increased to the greatest level since the 1890's. Ronald Wilson Reagan (February 6, 1911 – June 5, 2004) was the 40th President of the United States (1981–1989) and the 33rd Governor of California (1967–1975). ...


Existing net worth taxes

  • France. In 2003 out of €786 billion "general government" receipts, €174 billion was collected on "income and wealth". No further breakout is disclosed. Data is from the Institut National de la Statistique et des Etudes Economiques. See separate article solidarity tax on wealth.
  • Sweden. In 2003 out of a 1,314 billion kronor "general government" revenue, 3.818 billion kronor of "wealth tax" was collected. Data is from Statistics Sweden and the IMF NSDP, Fiscal Sector, General Government Operations. The tax rate is 1.5% the net worth exceeding 1,500,000 kronor (single person, estate of deceased person (dödsbo), Non-profit institutions serving households (familjestiftelse)), or 2,000,000 kronor (married). And 0.15% on the net worth exceeding 25,000 kronor for any other legal person. ([2]) (2002)
  • Switzerland. A progressive wealth tax with a maximum of around 1% may be levied on net assets. The exact amount varies between cantons.

The solidarity tax on wealth is a French annual direct tax on those having assets in excess of 720,000 euros (as of January 1, 2003). ... A legal entity or artificial person is a legal construct with legal rights or duties such as the legal capacity to enter into contracts and sue or be sued. ... The twenty-six cantons of Switzerland are the states of the federal state of Switzerland. ...

Property tax

In the United States, property taxes are annual taxes (about 1 to 2% of market value per year), assessed locally, to pay for local schools and services. Local jurisdictions rely upon property taxes (and other asset taxes such as taxes on capital or inventories) because most physical assets cannot be easily moved out of the jurisdiction, whereas paper wealth, income, etc. is easily moved to other localities.


Over time, the property taxes add up significantly, such that over a generation of 25 years, a family may pay, with annual increases for inflation, up to 50% of a property's market value in taxes. Heavy property taxation or severe increases in appraised valuations are major causes of local political unrest in localities throughout the United States; see California's Proposition 13. Proposition 13, officially titled the Peoples Initiative to Limit Property Taxation, was a ballot initiative to change the constitution of the state of California. ...


Because property taxes have been seen as unfair taxes (other assets such as CD's, equities, or partnerships are taxed rarely, if at all), some properties, such as certain farms or forest land, may have reduced valuations. Non-profit and government owned properties are often exempt.


See also


  Results from FactBites:
 
BIGpedia - Tax - Encyclopedia and Dictionary Online (4861 words)
Income tax may be collected from legal persons (companies) as well as natural persons (individuals), although, in some cases, the income tax is levied on a slightly different basis that the usual income tax and may be called a corporation tax or a corporate income tax.
Examples of retirement taxes include the FICA tax, a payroll tax that is collected from employers and employees in the United States to fund the country's Social Security system; and the National Insurance Contributions (NICs) collected from employers and employees in the United Kingdom to fund the country's national insurance system.
A carbon tax is a tax on the consumption of carbon-based non-renewable fuels, such as petrol, diesel-fuel, jet fuels and natural gas.
Wealth tax - Wikipedia, the free encyclopedia (687 words)
Because of the broad term "wealth", property tax, capital transfer taxes (inheritance tax, gift tax) and capital gains taxes are sometimes referred to as "wealth taxes".
Some country's governments will require declaration of the tax payers balance sheet (assets and liabilities), and from that ask for a tax on net worth (assets minus liabilities), as a percentage of the net worth, or a percentage of the net worth exceeding a certain level.
With the removal of the estate tax in the United States planned for 2010, some governmental analysts are proposing an annual one percent net worth tax for people with a net worth over 100 million dollars.
  More results at FactBites »

 
 

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