Do you support the inheritance tax?

jjm456

I think it makes a lot of sense, but everyone I know seems against it. Just wondering what you guys think?

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Reply 1

Falcatas

All taxation is theft that requires violence (or at least the threat) to extract.

Reply 2

anunoriginaluser

At least the concept if not the execution is agreed upon by a huge number of people; personally I'd love a world where everyone starts equally but since that's pretty much impossible, inheritance tax is at least one way to get a bit closer to that.

nope

Forget taxing it, inheritance should be abolished altogether.

Reply 5

The_Mighty_Bush

It's not the worse tax in the world but I would increase the threshold to £1m.

Reply 6

JayReg

Its easy to get round it if you're savvy enough. I'd like to see it replaced with higher taxes on land.

Reply 7

Jay84

Yeah, tax applies to nearly every financial transaction we make so why not probate?

Reply 8

Quady

Original post by The_Mighty_Bush

It's not the worse tax in the world but I would increase the threshold to £1m.

So £2m for a widow?

Reply 9

username1494226

No because that money was hard earned by whoever earned it and its their choice where the money should go to, the government arent entitled to a dime of that money, they'll just mis-spend the money anyway or give it off to sponging benefit thieves who cant be bothered to work.

Reply 10

Octohedral

I would resent paying it more than income tax, particularly as the parent (I'm not sure why - it just feels like an invasion of the family's private finances, that they have already paid income tax on), but intellectually I can see why inheritance is inherently unfair, so I understand the reasons.

Reply 11

jameswhughes

I'm completely against it, paying more tax on money that was already taxed when it was earnt by your parents is outrageous. It doesn't help either that the state wastes so much money, if it was going to a good cause it might be slightly more acceptable.

I do.

No for poor and middle class.

Yes for the rich, although I can understand why some consider it government intrusion in their lives.

I'm trying in my head to think of a system that can be applied to our world which would minimize both government and corporate interference/oppression.

(edited 9 years ago)

Reply 14

jameswhughes

Original post by flibber

Where do you draw the line between rich and middle class?

Reply 15

TheTechN1304

Original post by flibber

Why should the rich be taxed on inheritance. Have they not worked hard for their money?

The whole idea that you should tax dead relatives in the first place who paid taxes their whole life is ridiculous.

Reply 16

flibber

Original post by TheTechN1304

I understand that the parents have worked hard for their money. I may be wrong, but I have concerns about allowing the rich to pass all their money to their children. But I'm not an expert on economics.

(edited 9 years ago)

Reply 17

Fullofsurprises

The problem with inheritance is that if there is no tax on it, the wealth of families who are already rich tends to rise at a high rate and the children of the rest of the population who do not own large blocks of wealth are likely to find it harder and harder ever to get access to wealth, no matter how hard they work.

This is roughly what happened in societies like the Roman Empire. In the end they collapsed, partly or mainly because the rich class who did no work, owned most of the property and decided most things, became hugely disconnected from the majority. The majority stopped feeling that they cared about the society that was run that way. They started to refuse to serve it and to support it. The same phenomenon can be seen in most very unequal societies.

I'm not in favour of taxing the inheritances of moderately well off people (and of course not the poor), but I think some sort of sensible minimum level should be set. In the UK, this could be £1m or £2m or something. A lot of people are currently paying the tax who are really just middle class and not even upper middle, because the threshold is set too low.

It would make sense to have a maximum limit to inheritance. The fact that some people can inherit billions is very destructive to society and also often has very adverse effects on the inheritors. It causes a lot of difficulty and the lives of big heirs and heiresses are not nearly as marvellous as people often think they must be. I would set this limit initially at a figure most people would accept as rational, like £100m or something like that.

Reply 18

Quady

Original post by marco14196

Just to check....

...the taxpayer is funding your education and a substantial part of your living costs right now aren't they?

So I wouldn't thow too many stones about spongers.

Reply 19

Reue

Disagree with it. That money has already been accumulated and tax paid on it. When it is spent tax will be paid on it once again through VAT.

With house values rising rapidly, more and more people are being hit with a huge tax bill just as a loved one passes away. Its disgusting.