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capital levy
(redirected from capital levies)

   Also found in: Dictionary/thesaurus, Wikipedia 0.07 sec.
capital levy, form of taxation by which the government takes part of the capital of any person or business, as distinguished from a tax on personal or business income. It is usually applied to all capital above a certain minimum and may be set aside for a specific purpose, such as the reduction of the public debt. It was used by several European nations experiencing financial difficulties after World War I, and has been advocated as a measure of social welfare and a deterrent to war profits. Opponents of the capital levy stress its implied penalty on saving. In World War II, Great Britain and the United States resorted to extremely high rates of direct taxation in order to accomplish many of the aims of the capital levy.

capital levy

Direct tax assessed simultaneously on the capital resources of all persons possessing taxable wealth in excess of a minimum value and paid at least partly out of capital resources. It aims at capturing a substantial portion of the taxpayers' wealth to enable the government to cope with a major emergency or to redistribute wealth. Capital levies were adopted in many European nations after World Wars I and II.



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The rating is based on the city's diverse and growing economy, anchored by the University of Missouri, strong financial practices and performance evidenced by steady tax funding of the capital program and healthy general fund reserves, and low debt levels, with all direct debt supported by user fees and dedicated capital levies.
 
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