Wealth Taxes

Which of the following is NOT considered a Wealth Tax?

• Sales Tax

• Property Tax

• Inheritance Tax

• Estate Tax

What type of tax is levied on the increase in value of an asset when it is sold?

• Property Tax

• Inheritance Tax

• Capital Gains Tax

• Gift Tax

What are property taxes typically a source of revenue for?

• Federal governments

• Local governments

• Non-profit organizations

• International trade

What is a proper measure of a city's ability to generate wealth?

• The number of schools in the area

• The number of parks in the area

• The number of houses and businesses they have

• The number of public transportation options

What do property taxes apply to?

• Vehicles and machinery only

• Houses, land, and business properties

• Imported goods and services

• Income and sales

What is an Inheritance Tax?

• A tax on the total value of a deceased person's money and property

• A tax that you pay on an asset that you inherit from a deceased person

• A tax imposed on the transfer of property during a person's life

• A tax levied on the sale of an inherited property

What is another name for the Estate Tax?

• Inheritance Levy

• Death Duty

• Death Tax

• Succession Tax

Who is responsible for paying the Estate Tax?

• The person who inherits the estate

• The estate of the deceased person

• The government

• The executor of the will

How can the amount of capital gains tax you pay be impacted?

• By the color of the asset.

• By the location where the asset was sold.

• By how long you held on to the investment.

• By the name of the investment.

What happens to the capital gains tax you have to pay the longer you hang on to an investment?

• It increases.

• It stays the same.

• It becomes exempt after a certain period.

• It decreases.