This is evident from his return to the question of the capital levy
in A Capital Levy
and a Levy on War Wealth (1920).
"The sharp deterioration of the public finances in many countries has revived interest in a 'capital levy
'--a one-time tax on private wealth--as an exceptional measure to restore debt sustainability," the IMF stated in its Fiscal Report released in October 2013.
A capital levy
could then be argued to be a generally equitable instrument--although not necessary an efficient and prudent instrument, as we have seen in Section 3.
Without an upper bound imposed on capital income taxes, it is easy to see why a single capital levy
at date 0 is optimal in the environment studied by Chamley (1986).
Governments, as we have noted above, may sometimes seek revenue through a surprise inflation that acts as a "capital levy
" on money.
The capital levy
, on the other hand, is so great a breach as to be associated more with unforeseen consequences than with slow progress through experiment and search: "A sudden act of disruption permits no such breathing-space - the old has gone before the new has grown to take its place; and the result is a dangerous vacuum.
THE NFU is seeking urgent talks with First Milk after the co-operative announced it is delaying the next milk payment by two weeks, increasing capital levy
contributions and recouping extra capital from farmers at a time of financial pressure.
In one fell swoop, he lost his life savings--the result of 35 years of hard work and thrift--in the "capital levy
" imposed on Cyprus by the International Monetary Fund, the European Commission, and the European Central Bank (ECB), a trio commonly known as the Troika.
The list of options, obtained by The Register-Guard in a public records request, includes issuing bonds; launching a campaign for a voter-approved capital levy
; using urban renewal district taxes; using one-time dollars that may materialize over the next few years; and waiving permit fees and other development charges.
i): the Rignano Plan, the large-scale capital levy
and the economic performance of the Attlee Government are, all three, issues that had ceased to command much attention.
"The sharp deterioration of the public finances in many countries has revived interest in a capital levy
, a one-off tax on private wealth, as an exceptional measure to restore debt sustainability." the report claims.