Business and Personal Finance Dictionary

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• WEALTH TAX
  
  A general term for taxes levied on selected aspects of wealth, for example land taxes (levied on capital value), inheritance tax, capital gains tax. Governments often find it politically convenient to introduce such taxes, or to raise their rates, because it appeals to envy in the community and satisfies the notion that 'wealth' should be taxed. The adoption of a capital gains tax in Australia in 1985 introduced an element of wealth tax.
  
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