Inheritance tax should be 100%

What I don't understand is why doesn't inheritance tax take everything. A person who has made a ton of money in this country should have all his money go back to the country not his children.

It's really unfair particularly, since the children normally has the best education in the world i.e. private school. It isn't a coincidence that Oxbridge is full with private school kids with parents with deep pockets.

Why does a kid deserve something their parents did? Why should they get something they didn't earn themselves. Why leave society and who stands at the top due to randomness of being born to someone who is rich?

Surely, if we make giving kids money or property illegal, then we will be in a more fairer picture of capitalism. As then everyone would be in an equal playing field.

Reply 1

ch0llima

16

Original post by Simplicity

What I don't understand is why doesn't inheritance tax take everything. A person who has made a ton of money in this country should have all his money go back to the country not his children.

It's really unfair particularly, since the children normally has the best education in the world i.e. private school. It isn't a coincidence that Oxbridge is full with private school kids with parents with deep pockets.

Why does a kid deserve something their parents did? Why should they get something they didn't earn themselves. Why leave society and who stands at the top due to randomness of being born to someone who is rich?

Surely, if we make giving kids money or property illegal, then we will be in a more fairer picture of capitalism. As then everyone would be in an equal playing field.

What nonsense.

By the way, have you ever wondered why so many rich celebrities die in debt or bankrupt? This is sometimes down to them signing their assets over to their children to, you guessed it... avoid inheritance tax entirely :wizard:

Reply 2

Chloe xxx

Kids benefit from their families all the time, just look at all the celebrities children who then get amazing opportunities even though they are lacking in talent and star quality.

Its not fair, but nothing can be done. You cant take ALL of someones money they worked all their life for and left for their children.

Reply 3

Brevillemonkey

1

So we make it illegal for someone to give something of their own to another person? Where do you draw the line? And then what makes buying something any different? If we changed the laws to what you want, what's stopping a person 'buying' a strand of hair from their children in exchange for all their worldly possessions, and your perceived 'problem' would still exist.

Reply 4

cl_steele

2

you know the rich rarely pay inheritance tax anyway right? the only people such a STUPID law would hit would be the poor and middle classes anyway ...
how would you like it if your familys heirlooms which had been passed from generation to generation were suddenly taken from you and pawned off to fund some distant war or some MPs expenses?

Reply 5

Arcanine

14

Inheritance tax is easily avoided though.

Reply 6

Simplicity

OP

17

Original post by ch0llima

What nonsense.

By the way, have you ever wondered why so many rich celebrities die in debt or bankrupt? This is sometimes down to them signing their assets over to their children to, you guessed it... avoid inheritance tax entirely :wizard:

It's pretty easy for the government to crack down on tax avoidance, they just don't want to. But, clearly if you just look at the kids bank account e.t.c.

Chloe xxx

Kids benefit from their families all the time, just look at all the celebrities children who then get amazing opportunities even though they are lacking in talent and star quality.

Its not fair, but nothing can be done. You cant take ALL of someones money they worked all their life for and left for their children.

Personally, I think you should do it. It's a stupid thing in society. If a person has raised someone correctly they wouldn't need half a million from inheritance money or a house.

Reply 7

marcusfox

16

Original post by Brevillemonkey

And then what makes buying something any different? If we changed the laws to what you want, what's stopping a person 'buying' a strand of hair from their children in exchange for all their worldly possessions, and your perceived 'problem' would still exist.

Even now, HMRC would see right through it. Selling a £1,000,000 house to your son for 99p doesn't get you out of inheritance tax unless you die 7 years later, so then you might as well have just given it to him. And if you still live in it, unless you pay your son rent, you'd still be seen as owning it.

Reply 8

Kim-x

12

People won't have as much of an incentive to work then. Who is going to work longer than is necessary for them to live when anything left when they die is just going to be paid out in benefits?

Reply 9

Chloe xxx

Original post by Simplicity

It's pretty easy for the government to crack down on tax avoidance, they just don't want to. But, clearly if you just look at the kids bank account e.t.c.

Personally, I think you should do it. It's a stupid thing in society. If a person has raised someone correctly they wouldn't need half a million from inheritance money or a house.

So you'd be happy for the government to take your life savings upon your death and leave your loved ones with nothing? You'd be happy for the money you worked hard all your life for to go towards paying Nick Clegg's adult subscription bill?

Reply 10

Manitude

20

I'll start off by saying that inheritance tax is theft.
The wealth of the deceased should be distributed according to how that person wished: whether that be to charity, their children or other family.
I don't see why a government should be allowed to interfere with a grieving family and just able to say "I'll just take that thank you very much". That person has been paying tax all their life, why can the state not leave them in peace as a mark of respect and gratitude?

Reply 11

smashah

1

That's because our parents love us. They can't imagine not giving their kids support even after they've passed. Maybe when you become a parent you'll understand that. But if you don't then I feel sorry for your kids.

Reply 12

the man from space

9

People have worked hard to actually get a lot of money. Yes they might be talented in something but they still had to work hard. Lets say they were parents and parents always want the best for their child. Therefore why take the money away, the money is being taxed anyways

Reply 13

Chow mein

14

Inheritance tax is ridiculous. Someone has been taxed on their income their whole life, then taxed again whenever they buy something. And then when they die what little they may have accumulated is taxed once more. It's disgusting

Reply 14

Chloe xxx

Original post by Chow mein

Inheritance tax is ridiculous. Someone has been taxed on their income their whole life, then taxed again whenever they buy something. And then when they die what little they may have accumulated is taxed once more. It's disgusting

The government just leeches off its most hardworking citizens.

Reply 15

scottb3scott

1

It would never work because a 100% tax rate= 0 tax revenue as people will find other ways to disperse their wealth. Even if there was a way to actually inforce such a tax it would create a huge dis-incentive to accumulate wealth or buy assets which would ruin investment.

Reply 16

Wave

You do know that humans are individuals free to live their own lives and have their own posessions? Inheritance tax is bad enough but how can you seriously think of robbing all of a deceased persons private property after they die? If you were in power and made up that stupid law I'm sorry but you would get assassinated faster than Fidel Castro in Washington D.C

Reply 17

artery08

Original post by scottb3scott

It would never work because a 100% tax rate= 0 tax revenue as people will find other ways to disperse their wealth. Even if there was a way to actually inforce such a tax it would create a huge dis-incentive to accumulate wealth or buy assets which would ruin investment.

That's interesting. I wouldn't agree with you though, it wouldn't create a dis-incentive to accumulate wealth, but it would increase consumption and investment in the form of liquid cash, there's no question about that. As for actually becoming wealthy, every wealthy person knows that their wealth is temporary anyway, they will take £0 after they die, and yet everybody still wants to be wealthy. It's all about self-satisfaction. The last thing on a dead billionaire's mind is the amount of tax on the wealth they managed to accumulate, I can assure you.