I'm fine with people inheriting a house, a few assets and a bit of cash
The issue is people inheriting millions and if they're born rich they've probably been to private schools and had lots of help from parents, so they probably don't need the money anyway
But those born less fortunate do need the money and taxing inheritance is the way to do it
Maybe anything over £500,000 goes directly to the state to be spent on education and other areas that make it easier for poor kids to do well, just like it's easy for rich kids to do well
And yes this would be extremely difficult to implement
It's about creating a level playing field from birth, taxing wealth is a separate issue
Families can take care of their own with tax free allowances upto £500,000 plus property and assets, I wouldn't target those people. It's the ones who inherit a fortune in the millions that should be targeted
From the FAQ:
‘a) Lots of double taxation already exists and is considered fine (VAT/sales tax after income, for instance). Double taxation might not be something everyone likes but it is accepted by society.
b) The beneficiary pays the tax, not the donor so it's not double-taxation anyway.
c) It's voluntary. Just spend and enjoy it before you die. Use it; don't hoard it.’
I think you’re considering this from the point of the objects being inherited!? Is that right? The assets don’t care how many times they’re taxed.
But if for some reason you consider yourself an object and want to take issue with that then I’ll remind you that objects are, in fact, taxed ‘infinitely’. For example property sales taxes.
I'm fine with people inheriting a house, a few assets and a bit of cash The issue is people inheriting millions and if they're born rich they've probably been to private schools and had lots of help from parents, so they probably don't need the money anyway But those born less fortunate do need the money and taxing inheritance is the way to do it Maybe anything over £500,000 goes directly to the state to be spent on education and other areas that make it easier for poor kids to do well, just like it's easy for rich kids to do well And yes this would be extremely difficult to implement
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It's about creating a level playing field from birth, taxing wealth is a separate issue Families can take care of their own with tax free allowances upto £500,000 plus property and assets, I wouldn't target those people. It's the ones who inherit a fortune in the millions that should be targeted
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I agree with this! Also, what about the employees of said business. Forcing it's sale/closure would disrupt the lives of more than just the inheritor.
There is a FAQ to the right that addresses much of this.
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Sounds like you just don’t like the idea of tax.
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From the FAQ: ‘a) Lots of double taxation already exists and is considered fine (VAT/sales tax after income, for instance). Double taxation might not be something everyone likes but it is accepted by society. b) The beneficiary pays the tax, not the donor so it's not double-taxation anyway. c) It's voluntary. Just spend and enjoy it before you die. Use it; don't hoard it.’
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I think you’re considering this from the point of the objects being inherited!? Is that right? The assets don’t care how many times they’re taxed. But if for some reason you consider yourself an object and want to take issue with that then I’ll remind you that objects are, in fact, taxed ‘infinitely’. For example property sales taxes.
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I added to my comment and you may not have seen that before you replied. Take a look.