Parliament to be prorogued

[BillyStubbsTears]

He doesn't need the DUP NOW, because he's impotent anyway.

He's likely to need them after the GE.

[big fat yorkshire pudding]

He doesn't need the DUP NOW, because he's impotent anyway.

He's likely to need them after the GE.

After a GE they may not have many seats left to give....

[DonnyOsmond]

https://twitter.com/TiceRichard/status/1170610215722586119?s=19

That's lovely of the Brexit Party.

[BillyStubbsTears]

Well aye. Multi-millionaires WOULD want to get rid of that tax, wouldn't they?

[big fat yorkshire pudding]

I have a problem with inheritance tax, I'm no millionaire, why do people actually like it bar it taking money from those who earnt it?

[Glyn_Wigley]

I have a problem with inheritance tax, I'm no millionaire, why do people actually like it bar it taking money from those who earnt it?

Did the heirs work for it, or is it new income to them?

[big fat yorkshire pudding]

I have a problem with inheritance tax, I'm no millionaire, why do people actually like it bar it taking money from those who earnt it?

Did the heirs work for it, or is it new income to them?

No, but their family did in most cases (I will agree to your likely point that some avoid/evade tax).  Should they be taxed twice?

[BillyStubbsTears]

BFYP

Because Western societies need Wealth Taxes to ensure that privilege doesn't get ingrained as an inheritable right.

That's not wild left wing stuff. It's very mainstream economics. If capitalist economies cement inherited privilege, they soon become ossified and lose the dynamism that they need to keep on developing.

[Hounslowrover]

A lot of inheritance tax is on unearned income, often the increased value of  property. I think it's right to pay inheritance tax, but the Tories keep on increasing the threshold, thereby protecting the wealthy.

[bobjimwilly]

I have a problem with inheritance tax, I'm no millionaire, why do people actually like it bar it taking money from those who earnt it?

Did the heirs work for it, or is it new income to them?

No, but their family did in most cases (I will agree to your likely point that some avoid/evade tax).  Should they be taxed twice?

If they can tax the poorest in the country for having a spare bedroom in their council house because an ill parent has died or a child has moved away, then yes, they bloody well can

[SydneyRover]

Exactly that

[Glyn_Wigley]

I have a problem with inheritance tax, I'm no millionaire, why do people actually like it bar it taking money from those who earnt it?

Did the heirs work for it, or is it new income to them?

No, but their family did in most cases (I will agree to your likely point that some avoid/evade tax).  Should they be taxed twice?

If it's new income to the heirs, then yes it should be taxed, just as if the money was being spent on staff it'd get taxed again as income.

[GazLaz]

Inheritance tax is definitely one of the worst. I’m sure there are plenty of ways to avoid it though.

[idler]

I worked hard for over 50 years to buy my own property and have savings.
I would be most annoyed to have kids and grandkids paying tax while Google,Costa Coffee,Amazon and Starbucks drive a coach and horse through their tax obligations.

[IDM]

There is double tax on most things though..  we pay income tax, then we pay VAT on most things we buy.  Then there’s duty on petrol, alcohol etc.. Stamp Duty when buying property etc etc etc..

Fairly or not, most times money changes hands the exchequer gets a slice..

[BillyStubbsTears]

I worked hard for over 50 years to buy my own property and have savings.
I would be most annoyed to have kids and grandkids paying tax while Google,Costa Coffee,Amazon and Starbucks drive a coach and horse through their tax obligations.

Yep, I understand that.

[idler]

There is double tax on most things though..  we pay income tax, then we pay VAT on most things we buy.  Then there’s duty on petrol, alcohol etc.. Stamp Duty when buying property etc etc etc..

Fairly or not, most times money changes hands the exchequer gets a slice..

I understand that IDM and pay vat and other taxes including on my pension. I would just like to give my kids and grandkids something to help them when I go. I'm obviously not in the same league as David Cameron's dad though.

[Axholme Lion]

Or maybe all inheritance is abolished so everyone starts from zero?

[Bentley Bullet]

Why don't we just hand over all our money once a week and share it out equally?

[foxbat]

Financial Times‏Verified account @FinancialTimes Sep 2

A Corbyn government promises a genuine revolution in the British economy. Labour’s leader-ship intends to pursue not only a fundamental change in ownership and tax but a systemic effort to embed reform in a way that future parties will struggle to unpick.

[Bentley Bullet]

British brain drain to strike again!

[Axholme Lion]

Why don't we just hand over all our money once a week and share it out equally?

I wasn't advocating this, but it is an alternative point of view.

[BillyStubbsTears]

There is double tax on most things though..  we pay income tax, then we pay VAT on most things we buy.  Then there’s duty on petrol, alcohol etc.. Stamp Duty when buying property etc etc etc..

Fairly or not, most times money changes hands the exchequer gets a slice..

I understand that IDM and pay vat and other taxes including on my pension. I would just like to give my kids and grandkids something to help them when I go. I'm obviously not in the same league as David Cameron's dad though.

And you CAN give your kids and grandkids something.

Unless your estate is in the most valuable 4% and is worth over £325k, you don't pay Inheritance Tax. Even if your estate was worth £1million, you will still leave £730k to your family; more with a bit of planning. Isn't that enough?

This is THE classic example of a tax on the wealthy, which is blown up into some form of bogeyman by the Right, to scare people who will never have to pay it.

[idler]

I'm not that rich BST. The way house prices have risen though a lot of people that aren't really rich are worth more than the threshold.
Stamp duty was for expensive houses but the line wasn't moved to reflect increases in average house prices.
I feel that hard work should be rewarded. I didn't work seven days a week and sometimes have two jobs to give it away unless I chose. I payed tax when I earned it.

[big fat yorkshire pudding]

I have a problem with inheritance tax, I'm no millionaire, why do people actually like it bar it taking money from those who earnt it?

Did the heirs work for it, or is it new income to them?

No, but their family did in most cases (I will agree to your likely point that some avoid/evade tax).  Should they be taxed twice?

If they can tax the poorest in the country for having a spare bedroom in their council house because an ill parent has died or a child has moved away, then yes, they bloody well can

Is it not our choice what we do with our capital?  I work hard so that my children get a good start and when I die I would prefer they get the money that I have earnt and already paid a huge amount back in taxes etc.

I agree with idler's point, houses which are not particularly that special are pretty close to threshold particularly in other parts of the country, it's disproportionate for modern society and the way the housing market is right now.

Gazlaz is of course correct, clever people find ways around it, they always will but there would be many better ways to claw some of these monies from people as they age.

[BillyStubbsTears]

Idler.

Agreed. Hard work should be rewarded.

I don't agree that getting lucky on the house price lottery should though. And that's me speaking as someone who DID get lucky on the house price lottery. I'd have no problem paying IHT if I'm over the threshold when the time comes.

But all that is secondary. The REALLY important thing about IHT is that it's needed to help level the playing field for the next generation. And if you don't make the playing field more level, you screw the concept of social mobility that is crucial to the success of a capitalist economy.

Once again, the Left has a far better understanding of how Capitalism works than the Right. The Right just want to entrench privilege down the generations.

[BillyStubbsTears]

BFYP

I'd much prefer for us to have a Wealth Tax that applied throughout people's lives. Again, it is economic mainstream. But it'd be politically very difficult to implement, once again because the media on the Right (Mail, Sun, Express all owned by billionaires) would fight tooth and nail to portray it as something that was designed to take money from ordinary people, when actually the reverse is true.

[big fat yorkshire pudding]

BFYP

I'd much prefer for us to have a Wealth Tax that applied throughout people's lives. Again, it is economic mainstream. But it'd be politically very difficult to implement, once again because the media on the Right (Mail, Sun, Express all owned by billionaires) would fight tooth and nail to portray it as something that was designed to take money from ordinary people, when actually the reverse is true.

I wouldn't disagree in some circumstances, I wrote a long essay on this whilst a student and it's all about balance isn't it?  At the moment there are points on the tax scale where the balance is just not right, particularly the points where it goes significantly upwards.  What incentive is there in certain careers to do the hard job when the actual post tax reward has very little incremental impact, why bother?  Thus in turn supply of staff is lower and costs higher for businesses (or quality reduced).

[BillyStubbsTears]

Agreed BFYP.

The jump from 20-40% tax rate is way too big, and at too low a salary.

I fully support higher tax rates for higher earners but that step is far too severe.

In the age of computers, there's no reason at all why tax rates couldn't be continually graded. Where you pay a tiny bit higher tax rate on every successive thousand quid you earn.

But we seem to have an obsession with simplicity. And of course, what the Right wants is a single flat rate, which would lead to a massive redistribution of wealth from the poorer to the richer.

Everyone of you who supports Farage, be aware that THAT is the sort of society he wants us to be.

[Bentley Bullet]

Where I worked when a pay rise was awarded everyone on the 'shop floor' got the same percentage increase. That meant that higher-paid workers got more of an increase that lower-paid ones, resulting in the gap in wages between high and low workers becoming wider. However, when you consider the alternative if an equal sum was awarded to everyone the lower paid would receive a higher percentage pay rise and the gap would decrease. Continuing to do this would eventually result in nobody wanting the higher paid jobs because there would be no financial incentive to do so.

Perhaps a percentage across the board rate for income tax would be fairer than any other system.