Review of Western Australian State Taxes 1994 - Chapter Five - Death Duties and Other Wealth Taxes
AbstractThe Chapter begins by stating that Australia no longer has death duties and outlines the history of death duties in Australia, as well as giving a brief description of State and Commonwealth wealth taxes. It identifies two major types of wealth taxes -- Capital Transfer Tax and Annual Net Worth Tax. The Chapter states that there is a lack of consensus as to the purpose of wealth taxes, citing the two primary reasons as revenue raising and the achievement of vertical and horizontal equity. It also discusses the validity of wealth taxes, addressing issues which the Chapter refers to as "social claims," "economic claims" and "just rewards claims." The Chapter concludes that wealth taxes in the guise of death duties are untenable and recognises that the unpopularity of such a tax would preclude its re-introduction. |