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Tax- Welth Tax


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(Finance » Financial Services)

Wealth Tax

Wealth Tax Definition
Wealth tax is type of tax levying on the aggregate value of all household items purchased. They include owner occupied house, cash, bank deposits, funds, savings in insurance and pension plans, investment in real estate and unincorporated businesses and corporate stock, financialsecurities and personal trusts.

Existing Wealth Taxes inDifferent Countries:
France: a progressive rate from 0 to 1.8% of net assets.
Switzerland: a progressive rate with maximum of 1.5% is levied on the net assets.
Netherlands: 1.2% on possessions like savings, shares, houses etc. things like furniture, car are excluded.
Norway: up to 0.7% municipal and 0.4% national a total of 1.1% is levied on assets exceeding 470,000 Norwegian currency.
India: wealth tax is 1%on wealth exceeding Rs. 30, 00,000. Non-residents returning to India are given exemption for 7 years.
In U.S.A. property taxes areannual taxes assessed on the market value of real estate. It ranges from 0.4% inAlabama to 4% in New Hampshire assessed both locally and by state governments.

Revenue Act of US:
The revenue act was the American Congress’s attempt to recover the financial crisisduring the great economic depression of 1932. During this depression the Federal Reserve underwent a one-third drop in the money supply across the nation dueto bank closures, the stock market crash and subsequent economic fear among the Americans.
The congress’s plan was to restore the tax levels which were already incorporated in the year 1924 to aid the economic crisis. And also increasing the surtax rates and reducing exemptions made for individuals and married couples.
The Revenue act was signed by President Hoover on June6 1932 and it is according to the Cato Institute. This is largely known as the “Largest peacetime tax increase in U.S. history.
Under the new tax act
*.Individual tax rates were increased from 25% to 63%
*.Personal exemption were reduced to $1000 for individuals and $2500 for married couples
*.Excise taxes were increased. These excise taxed products include jewelry, refrigerators, cameras and soft drinks.
There exists an Estate Tax which is a tax imposed on thetransfer of an estate of a deceased person whether it is transferred by will or according to the state laws. This tax is part of “Unified Gift andEstate tax system”.
The other tax is the Gift Tax.This is imposed on the transfers of property during a person’s life.
In addition to federal government state also leviesa tax which is nothing but theestate tax, but in state’s version it is called as inheritance tax. Since 1990s the opponents of this tax use the term “death tax” instead of inheritance tax.
If an estate if left for spouse or a charitable organization tax is not imposed. But for the transfers of property from intestate estate or trust, or payment of certain life insurance benefits or financial account sum to beneficiaries certain amount of tax is imposed.

Federal estate tax This tax is levied on the transfer of the taxable estate of each and every decedent who is a citizen or resident of United States. This is done by calculating the gross estate amount, making some deductions fromit and arriving at a smaller amount called the taxable estate.

Gross Estate This is considered to be the value of all property interests of the decedent at the time of death. To these interests the following are to be added generally not owned by the decedent at thetime of death.
*.The value of the property to the extent of an interest held by the surviving spouseas a dower or curtesy.
*.The value of certain items of property in which the decedent had at any time made a transfer during 3 years immediately preceding the date of death  (even if the property was no longer owned by the decedent at thetime of death) , other than certain gifts and other than property sold for full value.
*.The value of certain property transferred by the decedent before death for which the decedent retained a life estate or retained certain powers.
*.The value of certain property in which the recipient could through ownership have possession or enjoyment only by surviving the decedent.
*.The value of certain property in which the decedent retained a reversionary interest, the value of which exceeded by five percent of the value of the property.
*.The value of certain property transferred by the decedent before the death where the transfer was revocable
*.The value of certain annuities
*.The value of certain jointly owned properties suchas assets passing by operation of law or survivorship
*.The value of certain powers of appointment
*.The amount of proceeds ofcertain life insurance policies
*.Bank accounts other financial instruments which are payable on death or transfer on death are included in the taxable estate.

(Finance » Financial Services)

Wealth Tax

Wealth Tax Definition
Wealth tax is type of tax levying on the aggregate value of all household items purchased. They include owner occupied house, cash, bank deposits, funds, savings in insurance and pension plans, investment in real estate and unincorporated businesses and corporate stock, financialsecurities and personal trusts.

Existing Wealth Taxes inDifferent Countries:
France: a progressive rate from 0 to 1.8% of net assets.
Switzerland: a progressive rate with maximum of 1.5% is levied on the net assets.
Netherlands: 1.2% on possessions like savings, shares, houses etc. things like furniture, car are excluded.
Norway: up to 0.7% municipal and 0.4% national a total of 1.1% is levied on assets exceeding 470,000 Norwegian currency.
India: wealth tax is 1%on wealth exceeding Rs. 30, 00,000. Non-residents returning to India are given exemption for 7 years.
In U.S.A. property taxes areannual taxes assessed on the market value of real estate. It ranges from 0.4% inAlabama to 4% in New Hampshire assessed both locally and by state governments.

Revenue Act of US:
The revenue act was the American Congress’s attempt to recover the financial crisisduring the great economic depression of 1932. During this depression the Federal Reserve underwent a one-third drop in the money supply across the nation dueto bank closures, the stock market crash and subsequent economic fear among the Americans.
The congress’s plan was to restore the tax levels which were already incorporated in the year 1924 to aid the economic crisis. And also increasing the surtax rates and reducing exemptions made for individuals and married couples.
The Revenue act was signed by President Hoover on June6 1932 and it is according to the Cato Institute. This is largely known as the “Largest peacetime tax increase in U.S. history.
Under the new tax act
*.Individual tax rates were increased from 25% to 63%
*.Personal exemption were reduced to $1000 for individuals and $2500 for married couples
*.Excise taxes were increased. These excise taxed products include jewelry, refrigerators, cameras and soft drinks.
There exists an Estate Tax which is a tax imposed on thetransfer of an estate of a deceased person whether it is transferred by will or according to the state laws. This tax is part of “Unified Gift andEstate tax system”.
The other tax is the Gift Tax.This is imposed on the transfers of property during a person’s life.
In addition to federal government state also leviesa tax which is nothing but theestate tax, but in state’s version it is called as inheritance tax. Since 1990s the opponents of this tax use the term “death tax” instead of inheritance tax.
If an estate if left for spouse or a charitable organization tax is not imposed. But for the transfers of property from intestate estate or trust, or payment of certain life insurance benefits or financial account sum to beneficiaries certain amount of tax is imposed.

Federal estate tax This tax is levied on the transfer of the taxable estate of each and every decedent who is a citizen or resident of United States. This is done by calculating the gross estate amount, making some deductions fromit and arriving at a smaller amount called the taxable estate.

Gross Estate This is considered to be the value of all property interests of the decedent at the time of death. To these interests the following are to be added generally not owned by the decedent at thetime of death.
*.The value of the property to the extent of an interest held by the surviving spouseas a dower or curtesy.
*.The value of certain items of property in which the decedent had at any time made a transfer during 3 years immediately preceding the date of death  (even if the property was no longer owned by the decedent at thetime of death) , other than certain gifts and other than property sold for full value.
*.The value of certain property transferred by the decedent before death for which the decedent retained a life estate or retained certain powers.
*.The value of certain property in which the recipient could through ownership have possession or enjoyment only by surviving the decedent.
*.The value of certain property in which the decedent retained a reversionary interest, the value of which exceeded by five percent of the value of the property.
*.The value of certain property transferred by the decedent before the death where the transfer was revocable
*.The value of certain annuities
*.The value of certain jointly owned properties suchas assets passing by operation of law or survivorship
*.The value of certain powers of appointment
*.The amount of proceeds ofcertain life insurance policies
*.Bank accounts other financial instruments which are payable on death or transfer on death are included in the taxable estate.
Deductions: After the determination of thegross estate, certain deductions are allowed in arriving at the value of the taxable estate. Deductions include:
*.Funeral expenses, administration expenses and claims against the estate
*.Certain charitable contributions
*.Certain items of property left to the surviving spouse

Tax: The tax base is the sum of the taxable estate and the adjusted taxable gifts. The tax is calculated by the following rates:
*.For amounts not greater than $10,000 the tax is 18% of the amount.
*.Between $10,000 and$20,000 the tax is $1800 plus 20% of the excess over$10,000.
*.Between $20,000 and$40,000 the tax is $3800 plus 22% of ...


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