Cyprus known as Laiki Bank), into a "bad" bank which would be wound down over time and a "good" bank which would be absorbed by the Bank of Cyprus. In return for a €10 billion bailout from the European Commission, the European Central Bank and the International Monetary Fund, often referred to as the "troika", the Cypriot government was required to impose a significant haircut on uninsured deposits, a large proportion of which were held by wealthy Russians who used Cyprus as a tax haven. Insured deposits of €100,000 or less were not affected. According to the 2017 International Monetary Fund
Land value tax in the United States Act of 1798, and HR 6026, a bill introduced to the United States House of Representatives on February 20, 1935 by Theodore L. Moritz of Pennsylvania. HR 6026 would have imposed a national 1% tax on the value of land in excess of $3,000. The first city in the United States to enact land value taxation was Hyattsville, Maryland in 1898, through the efforts of Judge Jackson H. Ralston. The Maryland Courts subsequently found it to be barred by the Maryland Constitution. Judge Ralston and his supporters commenced a campaign to amend the state Constitution which culminated in the Art.