Cut inheritance tax, I'll pay more tax so some kids can get a free house

[MrNM]

Well most of the unearned income from sitting on a property is actully nothing more than an inflation increase.

 

Some inflation. We'll be worse off that Zimbabwe soon! if you take the last 10 years anyway.

[eastbank]

If you want your kids to have your money, give it to them, otherwise spend it on whatever you want to. When you're dead you have no control over it, nor shoud you.

 

From your kids point of view, why should they get lots of free untaxed money for doing nothing when other kids get nothing.

 

As to the point about the money already being taxed - all money is taxed multiple times, every time it is spent the chancellor skims off his cut in many ways.

 

 

like me when i was a kid.....life is tough and some kids never get anything...that's not my problem....

but rather give it to my kids than have some money grabbing mp....

[L00b]

What about all the unearned wealth that comes by simply sitting on a property/land and watching its value increase over time? That wasn't from labour.

That 'wealth' is not realised (in cold hard cash) until and unless the asset is sold. That applies regardless of whether the owner or his inheritors sells (or not, as the case may be). Until then, it's just updating a price tag and worth precisely zilch.

 

Reasonably, one cannot say that inheritance of an asset amounts to its (taxable) sale, since the transfer of ownership does not function according to market principles (the price of the house is not influenced by the market)

 

It should be a different kettle of fish, if the inheritors were to sell the inherited house (CG tax), keep the inherited property and rent it (tax the rental income), or sell their own house (CG tax) to live in it. Those taxes seem 'fair', by comparison.

Edited December 10, 2009 by L00b

[Justin Smith]

Socialists don't understand the concept of working hard, earning money, spending that money however you choose and keeping the economy going, and providing for your kids and the future. Anybody with more money than them should have it taken away from them and given to others who may not have worked so hard or saved as much.

 

I always though Labour and socialism was meant to be about "the worker". Yeah right!

 

I`m not a socialist, I own my own business.

Everything I`ve got I earnt myself, and I`m proud of that.

I have nothing against those who are rich, provided they earnt the money legally and honestly, and paid all the tax on it.

 

BUT, I have no respect for those who get anything without earning it themselves.

The fact those who are already getting left a load, which they didn`t even earn themselves, don`t even want to pay tax on it, speaks volumes.

[Justin Smith]

Inheritance tax is the perfect tax, it takes from those who don`t even need it, because they`re dead.

As for their kids, they should get a bit of pride, and go and earn their own bleedin` money.

I`ve told my parents I don`t want any of their money left to me or anyone else. They should spend the lot, or leave it to charity.

[epiphany]

Such taxes don't necessarily have to be given to the state. What if a mutual trust was set up on behalf of the public (and therefore truly owned by the public, not the state treasury) whereby all inheritence tax was pooled and invested in the next generation collectively? The people who would have received this inheritence on an indivdiual basis would become members of a co-op (but it would remain one member, one vote) and they would vote on how they want the money spent in society. This could all happen independently of the state and there would be a more democratic stake in how that money gets used.

 

That's true socialism IMO - publically owned not state owned. There's a difference.

[eastbank]

Inheritance tax is the perfect tax, it takes from those who don`t even need it, because they`re dead.

As for their kids, they should get a bit of pride, and go and earn their own bleedin` money.

I`ve told my parents I don`t want any of their money left to me or anyone else. They should spend the lot, or leave it to charity.

 

 

 

iv'e told my parents that anything they don't spend...i'll have a good go at...and if i can't manage it...then the kids will finish it off.....and by the way charity begins at home...my grandad said.....

and i'll make sure all my property is sold when i'm on my last legs and get a nice little council flat to rent....happy days

[tynan]

Those estates belong to the royal family. Mind you, you socialists would love a revolution. Burn em down and build council houses......

 

Sounds good to me

[mj.scuba]

.......................

Edited December 10, 2009 by mj.scuba

[mj.scuba]

I`m not a socialist, I own my own business.

Everything I`ve got I earnt myself, and I`m proud of that.

I have nothing against those who are rich, provided they earnt the money legally and honestly, and paid all the tax on it.

 

BUT, I have no respect for those who get anything without earning it themselves.

The fact those who are already getting left a load, which they didn`t even earn themselves, don`t even want to pay tax on it, speaks volumes.

 

You'll be leaving all your estate to the government of the day or charity then, since you don't want anybody to be given unearned free money and you'd have no respect for them if you did leave it to them??