Brexit and the waning days of the United Kingdom

[Tamas]

Seems easiest to just scrap inheritance tax and gift tax.

Indeed.

[Josquius]

Sounds like the issue is inheritance tax is meant to be a tax on the mega wealthy and generational wealth: people who are very good at dodging taxes.

In practice it just fucks over regular people.

[Sheilbh]

Less than 4% of deaths qualify for inheritance tax.

[HVC]

it's one of those areas where the rich have tricked the poor and middle class. Like corporate tax cuts.

[Sheilbh]

Ben Ansell's stuff on this is really interested and it does seem like a sort of principle objection by the public. There's pretty much a consistent level across parties who view income taxes as fair. Far fewer Tories or Brexit/UKIP supporters think inheritance taxes are fair, but actually the rate is halved across all parties (including Labour or the Greens). The public, in all shades of opinion, don't really view inheritance tax as "fair" - which is obviously really important in a tax system.

The big issue in the public view is that they view it as "double taxation". There seems to be a really common view that if you pay tax on it as income, you shouldn't pay tax on it when you pass it on. Which is, in its way, principled and not some "wealth creation" style nonsense. Obviously that's not true with, say, property values but that's becoming a very complicated argument. Also interesting people basically aren't convinced by the meritocracy argument - the one that makes them more sympathetic is simply that it pays for public services.

Which makes me wonder if that's true of other taxes? The best pitch for them is simply - they allow other taxes to be cut or investments in public services. All the messaging is basically useless?

[Tamas]

Less than 4% of deaths qualify for inheritance tax.

So there's not much point to it, is there. Sounds like it screws a minority who is well-off enough to fall under it but not rich and/or prepared enough to get out under it.

[Josquius]

Less than 4% of deaths qualify for inheritance tax.

Confusion with the house seizures to pay for social care?

The big issue in the public view is that they view it as "double taxation". There seems to be a really common view that if you pay tax on it as income, you shouldn't pay tax on it when you pass it on. Which is, in its way, principled and not some "wealth creation" style nonsense. Obviously that's not true with, say, property values but that's becoming a very complicated argument. Also interesting people basically aren't convinced by the meritocracy argument - the one that makes them more sympathetic is simply that it pays for public services.

This argument doesn't make sense. Surely you haven't paid tax on it as income yet? Or is inheritance tax in addition to income tax on the same amount for that year?

This is a tax so far out side my domain I've only the vaguest awareness it's a thing.

[Admiral Yi]

This argument doesn't make sense. Surely you haven't paid tax on it as income yet? Or is inheritance tax in addition to income tax on the same amount for that year?

This is a tax so far out side my domain I've only the vaguest awareness it's a thing.

You paid income tax on it while you were amassing the wealth.

[Josquius]

This argument doesn't make sense. Surely you haven't paid tax on it as income yet? Or is inheritance tax in addition to income tax on the same amount for that year?

This is a tax so far out side my domain I've only the vaguest awareness it's a thing.

You paid income tax on it while you were amassing the wealth.

So no. You never paid income tax on it-your dead parent did?

Surely by the same logic here your boss already paid tax on your salary before it gets to you.

[Admiral Yi]

So no. You never paid income tax on it-your dead parent did?

Surely by the same logic here your boss already paid tax on your salary before it gets to you.

By the same logic your boss expensed your salary and was not taxed on it.

[Iormlund]

The double taxation argument is silly.

If one followed it to its logical conclusion there should be no VAT, sales or excise taxes.