Wealth (Net Worth) Tax Some country's governments will require declaration of the tax payers balance sheet (assets and liabilities), and from that ask for a tax on net worth (assets minus liabilities), as a percentage of the net worth, or a precentage of the net worth exceeding a certain level. The tax is in place for both "natural" and in some cases legal "persons". In France the net worth tax on "natural persons" is called the "solidarity tax on wealth". In other places the tax may be called, or known as, a "Capital Tax", an "Equity Tax", a "Net Worth Tax", a "Net Wealth Tax", or just a "Wealth Tax". Most of the governments levying this net worth tax are big spenders with a relatively high government spending to GDP rate. And in no place where this kind of tax is in place does it contribute to more than 0.3% of the total tax intake (http://www.forbes.com/global/2004/0524/074chart2.html). It's therefore by some people seen as a statement of philosophy more than a considerable revenue base for the government. Within the European Union, only France, Spain, Greece, Luxemburg, Sweden, and Finland still impose a wealth tax, although often with lower rates and higher thresholds of imposition than in France. European countries that have abandoned any tax of this type in the past five years (since 2003) are Austria, Denmark, the Netherlands, and Germany. In other countries, like Belgium or Great Britain, no tax of this type has ever existed. Because of the broad term "wealth", capital transfer taxes (inheritance tax, gift tax) or capital gains taxes are sometimes refered to as "wealth taxes", but that's not what this is refering to. Existing net worth taxes France. In 2003 out of €786 billion "general government" receipts, €174 billion was collected on "income and wealth". No further breakout is disclosed. Data is from the Institut National de la Statistique et des Etudes Economiques. Sweden. In 2003 out of a 1,314 billion kronor "general government" revenue, 3.818 billion kronor of "wealth tax" was collected. Data is from Statistics Sweden and the IMF NSDP, Fiscal Sector, General Government Operations. The tax rate is 1.5% the net worth exceeding 1,500,000 kronor (single person, estate of deceased person (dödsbo), Non-profit institutions serving households (familjestiftelse)), or 2,000,000 kronor (married). And 0.15% on the net worth exceeding 25,000 kronor for any other legal person. (http://www.skatteverket.se/skatter/formogenhetsbeskattning.html) (2002) See also Tax FAVORITE ARTICLES: History of the World    History of the United States    History of Europe    Ancient History    History    Military History    World War I    Bombing of Dresden    California    US Constitution    Frank Sinatra    Boston    Marbury v. Madison This article is licensed under the GNU Free Documentation License at http://www.gnu.org/copyleft/fdl.html You may copy and modify it as long as the entire work (including additions) remains under this license. You must provide a link to http://www.gnu.org/copyleft/fdl.html To view or edit this article at Wikipedia go to http://www.wikipedia.org/wiki/Wealth_(Net_Worth)_Tax