capital levy

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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.
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Shackelford, "Stock Market Reaction to Capital Gains Tax Changes: Empirical Evidence from the 1997 and 1998 Tax Acts," In Tax Policy and the Economy, Vol.
LMM's incremental contribution to the tax capitalization literature is that as a stock's expected holding period (HP) increases, the capital gains tax rate decrease has a decreasing impact on share prices.
District Court Allows Reduction for Capital Gains Tax
Nevertheless, the President has recently held out the possibility that he might give the Republicans their cherished capital gains tax cut if they'll support his Dick Morris-inspired college tuition tax subsidies.
In this article, an historical overview of capital gains tax treatment is presented, followed by a description and analysis of the 1990 tax act's personal exemption and deduction phase-out provisions and their confounding effects on the maximum capital gains tax rate.
Proceeds from the sale of her father's two houses could be used for his care but capital gains tax threatened to gobble up a significant portion of the nest egg.
Following the revised agreement, short-term capital gains tax will be levied at half the rate prevailing during the first two-year transition period from April 1, 2017 to March 31, 2019.
htm) George Osborne's Capital Gains Tax for Foreign Property Investors Could Hit UK Economy Hard
The proposals of SECP regarding capital gains tax, including demand for amnesty against unexplained income information and had proposed that documentation was not available to substantiate the gains made from capital market transaction during the exempt period, therefore applicability of Income Tax Ordinance, 2001 about unexplained income or assets should be deferred for fund invested in capital markets till June 30, 2014.
Liu agreed that if the government decides to levy capital gains tax for securities, it will review the rate for securities transaction tax.
Some in congress want to extend the capital gains tax cut for all income brackets, and others want certain brackets to pay more and some to remain the same.
With the top rate of income tax rising to 50 per cent this year there was a good case for upping capital gains tax for the very wealthy to the same level.