More tax cuts for millionaires
Inheritance tax is a very, very unpopular tax. Considering that the vast majority of people do not pay it, the starting level is massive, and most people who know they will have to pay use its many loopholes to avoid it, this is strange.
In part it is natural to want to want to leave as much as possible to your children, especially now they are lumbered with student fees, higher. taxes and huge house prices.
But inheritance tax is very important, with many right wing and free market economists all in favour of it.
Without it money gets locked up in the estates of the very wealthy, there can never be a level playing field, ambition dies, the stupid children of the very wealthy sit on their money and the chances of the intelligent poor making a success is massively reduced. It is also the only tax on ever higher property prices, meaning a tax on unearned income.
The best way forward would be to reform the system, close all the loop holes, raise the rate at which you start paying and reduce the rate. then only the very wealthy would have to pay it and they couldn’t avoid it.
But the campaign to abolish it is just a cynical way for the right to stir up a popular movement to attack an unpopular tax in order to give billions to billionaires.
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.
By Jonty Bloom Media