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Good to see the Tories coming out and saying they want tax cuts

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Comments

  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Surely tax should be based on what the state needs to fulfil its obligations. It should then base how it get that tax on causing the minimum loss to the minimum number of people.

    If you going to have tax I'd rather it was taxed on things like inheritance than my earnings... i'd rather get less of a house from my parents in 20 years than less of my earnings (which I need now) today
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    If somebody works hard, pays their taxes and buys a home they should be able to leave it to whoever they want. Children should not be evicted from the family home because they can't pay the death tax bill when their mum dies.

    All this bollocks about inheritance tax and it promoting a fairer society is boring. *Newsflash* - the super rich don't pay inheritance tax. The vast majority of inheritance tax revenue comes from the estates of ordinary people. Property values have increased so much inheritance tax often applies on a modest family semi or an ex council house in many areas. There are loopholes, people can make plans to give stuff to their family before they die - if they have time. Things can happen very quickly and a family left devestated after someone dies of a sudden heart attack frequently face the further agony of inheritance tax. Whilst those rich enough to afford good accountants can use offshore funds and all sorts of other loopholes to avoid paying the tax, not that I blame them...but really, when the very rich are rarely affected the 'fairer society' justification doesn't really work.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    If somebody works hard, pays their taxes and buys a home they should be able to leave it to whoever they want. Children should not be evicted from the family home because they can't pay the death tax bill when their mum dies.

    All this bollocks about inheritance tax and it promoting a fairer society is boring. *Newsflash* - the super rich don't pay inheritance tax. The vast majority of inheritance tax revenue comes from the estates of ordinary people. Property values have increased so much inheritance tax often applies on a modest family semi or an ex council house in many areas. There are loopholes, people can make plans to give stuff to their family before they die - if they have time. Things can happen very quickly and a family left devestated after someone dies of a sudden heart attack frequently face the further agony of inheritance tax. Whilst those rich enough to afford good accountants can use offshore funds and all sorts of other loopholes to avoid paying the tax, not that I blame them...but really, when the very rich are rarely affected the 'fairer society' justification doesn't really work.

    thats a case for loophole closing more than stopping the tax, me and my sister would be liable if my mum died, but it doesn't mean youll be evicted :s

    just because ordinary people are hit by inheritance tax doesn't mean it's extortionate since it's only 40% above the value

    if the limit was 300k and someone had a 500k house which imo is a wealthy person's house, not that rich but wealthy nonetheless, they'd get a bill for £80,000, which is still an effective tax rate of less than 20% of the value

    id be all for raising the limit to £400,000, but making the % at 50% and enforcing like hell none of this trust malarky - it's technically the fairest tax as it doesn't tax hard work since the beneficiaries haven't worked for it (unless u married into the family for that purpose like an 18th century upper class family :p)
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    thats a case for loophole closing more than stopping the tax

    Not really as I'm against the very principle of inheritance tax. I just think it's worth pointing out that the 'fairer society' argument does not apply in practice.
    just because ordinary people are hit by inheritance tax doesn't mean it's extortionate since it's only 40% above the value

    Yeah - only 40%. 40% of a couple of hundred grand over the limit is a huge amount of money.

    Inheritance tax isn't fair. I know of families where the parents both work full time, as do the adult children - they live in the same house, the children pay rent which helps pay the mortgage, it's the family home... If the parents when they go are happy for the children to carry on living in the family home - why shouldn't they be able to? - In many cases, they can't because the burden of inheritance tax is so high.

    Inheritance tax is wrong, I salute anybody that avoids it.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    have to agree with disillusioned, inheritance tax is disgusting imo, if only because in practise it removes more wealth from the middle classes whilst the mega rich are all non-domiciled or live in monaco and pay f**k all tax proportionately, inheritance or otherwise it's one rule for them and another for everyone else.....and like all other taxes the government pisses it away on stupid schemes like pfi and interest repayments on the ridiculous amount of debt we have borrowed......tell me again why does the state have the right to take money away that i have earned fairly and already been taxed on, that i wish to leave as a legacy to future generations? it goes completely against rewarding hard work and meritocracy so it's no wonder we live in a welfare state, okay so my kid didn't "earn" it but i worked my balls off to ensure my family and theirs could have a better quality of life, and if/when i fall in my grave early as a result the government comes along and takes another chunk of my already taxed income??.......

    maybe in some utopian socialist heaven this would be okay because we would all be taxed equally and brown wouldn't be allowed to piss my money up against the wall and it might actually go towards keeping homeless people off the street etc instead of pfi and trident missiles, but as things stand i'll do my best to make sure those thieving bastards don't get a penny more out of me than i can help. lol rant over.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    it goes completely against rewarding hard work and meritocracy so it's no wonder we live in a welfare state, okay so my kid didn't "earn" it but i worked my balls off to ensure my family and theirs could have a better quality of life, and if/when i fall in my grave early as a result the government comes along and takes another chunk of my already taxed income??.......

    Its exactly because your kids didnt earn it that its not meritocratic and it's not rewarding hard work but the luck of being born into the right family.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    budda wrote: »
    Its exactly because your kids didnt earn it that its not meritocratic and it's not rewarding hard work but the luck of being born into the right family.

    It would reward hard work and meritocracy to let the family keep it, because you work hard for your family at the end of the day....and like i said if the mega rich dynasties can keep their money in the family then why can't we ffs?
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    It would reward hard work and meritocracy to let the family keep it, because you work hard for your family at the end of the day....and like i said if the mega rich dynasties can keep their money in the family then why can't we ffs?

    Thats just an argument for better tax law, not the removal of inheritance tax.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    budda wrote: »
    Thats just an argument for better tax law, not the removal of inheritance tax.

    Not really. Lets be realistic - the mega rich don't pay inheritance tax and they never will. If 'better tax laws' could change that don't you think Gordon Brown would have introduced them? Do you have an idea nobody at the Treasury/Inland Revenue and no Chancellor has ever thought of? Moving stuff offshore, front companies - there's lots of ways if you've got enough money for it to make sense and 'better tax laws' won't change a thing. The Cayman Islands, British Virgin Islands, Switzerland, etc aren't going to disappear.
    Australia, NZ and Canada have long since abolished inheritance tax, we should too.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    arguing for better tax laws in a society where the rich people effectively make the laws is a bit of a moot point really, let's just make it an even playing field i.e. get your grubby hands out of my pocket brown i've already paid my dues.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Not really. Lets be realistic - the mega rich don't pay inheritance tax and they never will.

    If the mega rich don't pay inheritance tax how come the National Trust keeps snaffling up some nice houses and paintings in lieu of death duty?
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    If the mega rich don't pay inheritance tax how come the National Trust keeps snaffling up some nice houses and paintings in lieu of death duty?

    The National Trust doesn't keep snaffling up nice houses from the mega rich...

    Old titled families in a stately home falling to bits needing a million pounds worth of repairs aren't the mega rich in 2007. Why do you think such houses are usually in bad condition when the National Trust get them? I'm not sure it's happening so much anyway these days...

    You can bet the NT won't be getting their hands on whatever houses Philip Green, Richard Branson, Hans Rausing (Tetra Pak bloke) have when they go.
  • Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    The fact that the mega-rich can avoid a tax is hardly an argument for abolishing it all together!

    By that logic we would have very few taxes at all........
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