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Disadvantages of value-added tax?
VAT taxes everyone including those less well off, regardless of income and wealth.
What does the word levied mean?
To impose something (tax for example)
Can you be taxed if you are under 18?
Yes, tax effects everybody, in the UK for example, you will pay VAT (value added tax) regardless of your age.
Is Revenue Act of 1935 used today?
The Revenue Act of 1935, which was signed into law by Franklin Delano Roosevelt, was also known as the 'Wealth tax,' and placed a higher tax on higher incomes. An addendum to the tax was created in 1937, which closed up loop-holds some had used to avoid the tax. The law is no longer in use today, since modern legislators insist on following the belief that the middle class should pay the higher tax.
Why do nations go to war over resources?
Generally speaking, resources, especially natural resources are a source of wealth and in some cases a necessity for a nation to develop. Wealth attracts peoples seeking wealth. In a simple example, Spanish conquistadors sought the wealth found in gold attractive and the Native Inca Tribe had gold. The Incas sought to retain their wealth and freedom from foreigners. Spain was willing to go to battle to obtain the gold owned by the Incas.
Is an example of a tax on wealth?
The estate tax is the best example.
What does it mean to redistribute the wealth?
To redistribute wealth means to bring equality to everyone in wealth. To achieve this, the government for example, will tax the wealthy to provide for the poor. That is what it is to redistribute wealth.
Is wealth tax a direct tax or indirect tax?
direct tax
What are the WEALTH tax rates in Pakistan for 2010?
Wealth Tax has been abolished in Pakistan since 2002.
What are examples of direct tax?
The two examples of direct tax is Income tax and Wealth tax.
What are the three types of taxes?
Income Tax, Sales Tax (VAT), Wealth Tax
What is property criteria for obc creamy lear?
A family can hold wealth below Rs. 30 lakhs value without paying wealth tax. Above this limit children are creamy layer. Exemptions from wealth tax are available in central government "wealth tax act".
What are two examples of direct tax?
The two examples of direct tax is Income tax and Wealth tax.
What type of tax is wealth tax?
The assets owned by a private person are subject to wealth tax, when the assets are transferred to the beneficiary. The wealth tax are used by the state in order to redistribute wealth in society . In the UK, at different times , it was called variously: the estate duty, tax on transfer of capital (capital transfer tax) and currently existing inheritance tax . Assets ( real estate, stocks , bonds, etc. ), the value of which does not exceed 250 thousand , are not subject to taxation . The wealth tax is charged on the basis of a flat tax rate of 40% with the assets whose value is above of 250 thousand.
What has the author Sajjad Hassan written?
Sajjad Hassan has written: 'Wealth tax made easy' -- subject(s): Law and legislation, Wealth tax
Would a stamp collection be considered in a wealth tax?
There is no such thing as a Wealth Tax in the United States. Please let me know what you are actually asking and I will try to help you.
What is duty (as in tax)?
Tax is a broad term & duty is a part of tax.......Tax levied on person, product, services & assets for example-INCOME TAX levied on person,VAT levied on sale of products,SERVICE TAX levied on providing taxable services, WEALTH TAX levied on assets..........Genrally DUTY levieble on goods for example-EXICE DUTY levieble on manufaturing of goods, CUSTOM DUTY levieble on import & exports of goods...........................Sachin gupta from jhalawar (RAJASTHAN)
