- a tax based on capital, as distinguished from a tax on income.[1915-20]
* * *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.
* * *strictly defined, a 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. This definition excludes death duties because in any given year their application is necessarily limited to the estates of deceased persons. Various taxes have at times been popularly termed capital levies, even though they were assessed on current incomes or their burden did not exceed capacity to pay out of current income.In its narrowest sense, the capital levy aims at achieving the surrender of a relatively substantial portion of the taxpayers' wealth to enable the government to cope with some nonrecurrent major emergency or to bring about with one stroke a major redistribution of wealth or a major reduction of the note circulation or the national debt. Capital levies were introduced in many European countries after both World War I and World War II.
* * *
Look at other dictionaries:
capital levy — ➔ levy2 * * * capital levy UK US noun [C] ► TAX CAPITAL TAX(Cf. ↑capital tax) … Financial and business terms
capital levy — n. a tax on individual or corporate capital, sometimes levied in addition to an income tax … English World dictionary
capital levy — n technical a tax on private or industrial wealth that is paid to the government … Dictionary of contemporary English
Capital levy — The Conscientious Burglar. Paisley humanitarian . If I could only be quite sure that I shouldn t be discouraging him from saving. Mr. Asquith has pronounced himself cautiously in favour of a capital levy, on the condition, amongst others, that it … Wikipedia
capital levy — noun a tax on capital or property • Hypernyms: ↑tax, ↑taxation, ↑revenue enhancement • Hyponyms: ↑property tax, ↑land tax * * * noun : a levy on personal or industrial capital in addition to income tax and other taxes … Useful english dictionary
capital levy — tax paid on capital … English contemporary dictionary
capital levy — noun a tax by means of which the state appropriates a fixed proportion of private wealth … English new terms dictionary
capital levy — noun (C) technical a tax on private or industrial wealth that is paid to the government … Longman dictionary of contemporary English
capital levy — /kæpətl ˈlɛvi / (say kapuhtl levee) noun a tax based on total assets … Australian English dictionary
capital levy — /ˌkæpɪt(ə)l levi/ noun a tax on the value of a person’s property and possessions … Marketing dictionary in english