from The American Heritage® Dictionary of the English Language, 4th Edition
- transitive v. To impose or collect (a tax, for example).
- transitive v. To draft into military service.
- transitive v. To declare and wage (a war).
- intransitive v. To confiscate property, especially in accordance with a legal judgment.
- n. The act or process of levying.
- n. Money, property, or troops levied.
from Wiktionary, Creative Commons Attribution/Share-Alike License
- v. To impose (a tax or fine) to collect monies due, or to confiscate property
- v. To draft someone into military service
- v. To wage war
- n. The act of levying
- n. The tax, property or people so levied
"In the end it all flows from prize money and the levy is the key contributor to prize money."
According to the group's charter, the decline in the levy is attributable to bookmakers exploiting loopholes in the existing legislation, such as moving their operations offshore and utilizing thresholds designed for small businesses to avoid paying levy.
The chancellor should drop his hyperbole about banks making a "fair contribution": the levy is a gentle measure.
The argument for the levy is the same one I made on a prior thread regarding whether people should buy school supplies for low-income children.
I suspect that the levy is being used to pay what had been paid by general funds in the past.
Rod Roman, tax partner at Ernst & Young, said: "While the chancellor aims to achieve a simultaneous reduction in bank risk and an increase in tax revenue, he may find, at least as far as the levy is concerned, he only gets one effect: a reduction in bank risk as certain types of banking business increasingly get done outside of London and outside of UK headquartered banks".
As an active public library user and family member of the Friends of the Library, voting “yes” for the library levy is vital to me.
After lapsing on Jan. 1, 2010, the levy is slated to return on Jan. 1, 2011 — at a higher rate (55%) and lower exemption amount ($1 million) than in 2009, when, at 45%, it affected only estates valued at $3.5 million or more.
The power that they wield appears flimsy — the most serious penalty they can levy is a rebuke to firms and individuals through public notices.
This year's construction levy is for $81.7 million a year.
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