Fooling the poor, benefitting the rich
The government is searching around desperately for something, anything that will help it regain the initiative and reduce the Labour party’s lead in the polls.
So we have had a reversal on green policies (we destroy the planet but save you money), the cancellation of HS2 (we can’t even build a railway but we will save you money) and now the possibility of abolishing Inheritance Tax ( you’d never pay it but you think it will save you money).
The last one might just work although the lying involved is massive, the vast majority of people never pay IHT, it is a taxed on mainly unearned property wealth, and without it the rich will stay rich for ever and social mobility dies.
But after years of complaining and lobbying by the very rich and the lobby groups they pay for, after endless articles about the unfairness of “double taxation”, inheritance tax is very unpopular.
So a cynical, desperate, shameless government will probably abolish it, or increase the level that it comes in at to such an extent that no one will pay it.
The move will cost billions in tax revenue and help only the rich. But then this government is getting rather good at giving tax breaks to millionaires and passing it off as a social good.
The abolition of the limit on pension contributions was “aimed at the NHS” but in fact was aimed at every millionaire in the country who’s advisors are now telling them to fill their boots and pay as much as possible into their pension funds.
Inheritance tax will do the same, sell it to the poor as a tax cut and give the proceeds to the rich.
If only Liz Truss had been bright enough to use such sleight of hand, she’d still be in No. 10.
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.
By Jonty Bloom Media