A Treatise on Annuities for Fixed Periods, Particularly Government Long Annuities; Shewing a Defect in Theory, with Its Remedy; And When Annuities Are Dear or Cheap; To Which Is Added, a Practical Table for Calculating Long Annuity

A Treatise on Annuities for Fixed Periods, Particularly Government Long Annuities; Shewing a Defect in Theory, with Its Remedy; And When Annuities Are Dear or Cheap; To Which Is Added, a Practical Table for Calculating Long Annuity

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1825 edition. Excerpt: ...to the same amount of ten per cent.; as the table clearly shews. In a temporary income-tax of ten per cent. an invasion of capital takes place in stock, as well as in annuity; but while it is an equal tax of ten per cent. on all annuities whose term is of shorter length than the period for which the tax is to be in force, it is a less tax than ten per cent. on all those annuities whose term is longer than that period 3 and as stock is a perpetual annuity, it suffers less than any of those annuities which are terminable: but still it does suffer an invasion of capital, as well as the others, _ though not to an equal extent. The truth of the assertions in this note will be abundantly evident to the Reader, when he has attentively examined the Table X. in the Appendix; and it is well worth his examination. nevertheless, if the tax be perpetual, invaded tothe same amount, on its capital, equally with the terminable annuity. The difference, (see Chapter VIII.) between stock and annuity consists in the difference between a perpetual reversion and a surplus receipt; and, if the tax be perpetual, the perpetual reversion of the permanent annuity is loaded with a perpetual ten per cent. tax, which is precisely the same tax on capital in stock, that the tax on surplus receipt is on capital in annuity. Who will say that the capital of the stockholder is not invaded, if his perpetual reversion be reduced for all eternity to nine-tenths of its former annual amount, or if its market value be reduced to nine-tenths of what it would formerly have sold for. The only difference in the operation of the tax upon diiferent annuities is in the manner of attacking them, and not in the value actually deducted. Ina ten per cent. tax, the short annuity pays up its..show more

Product details

  • Paperback | 26 pages
  • 189 x 246 x 1mm | 68g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236793323
  • 9781236793324