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Direct taxation can apply on income or on wealth (property tax; estate tax or wealth tax). Here below a few examples of direct taxes existing in the United States (though not all of these meet the US constitutional definition of a direct tax, as stated below): [9] Income tax: it is the most important direct tax in many developed countries. It ...
Direct tax is a tax paid by a person, as opposed to a tax levied on a business that the person indirectly pays. Double taxation is when a tax is paid twice on the same income or item. Indirect tax is a tax collected by an intermediary (such as a store) on behalf of the person who actually is required to pay (such as a customer)
In the mid-1970s the top rate of income tax was 83% on an income above £20,000 a year. Unlimited mortgage interest relief set against these high levels of tax meant that high-income borrowers could save large amounts of tax. At the same time, tax income for the government was significantly reduced by this tax relief.
100% mortgages are mortgages that require no deposit (100% loan to value). Examples include: some first-time buyer deals, when perhaps a portion of the loan is secured against a parent's property; concessionary purchase (inter-family property transaction), when the purchase is at below market value; Right to Buy purchase at a discounted ...
Mortgage calculators can be used to answer such questions as: If one borrows $250,000 at a 7% annual interest rate and pays the loan back over thirty years, with $3,000 annual property tax payment, $1,500 annual property insurance cost and 0.5% annual private mortgage insurance payment, what will the monthly payment be? The answer is $2,142.42.
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The year 1694 saw an early implementation of a financial transaction tax in the form of a stamp duty at the London Stock Exchange. The tax was payable by the buyer of shares for the official stamp on the legal document needed to formalize the purchase. As of 2011, it is the oldest tax still in existence in Great Britain. [8]
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