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That isn't true. Great article about the death tax here[1]. Also, have a look at these famous auctions[2]. Some were brought on by things other than taxes bu
by onetimeusename 10y ago
That isn't true. Great article about the death tax here[1]. Also, have a look at these famous auctions[2]. Some were brought on by things other than taxes but death duties that Labour increased in the 1940s were definitely a precipitant. But these taxes are far reaching. From [1] it even says the death duties earn less than booze or tobacco, or vehicle duties.
I can't speak to corporate holdings of property, I am specifically talking about property held for generations in families. My general points are that it is a)inefficient and strange to target certain people that inherited and b) when you do target them, there are unintended consequences.
[1]http://www.telegraph.co.uk/news/politics/georgeosborne/11907392/George-Osborne-should-abolish-inheritance-tax-in-its-entirety.html http://www.telegraph.co.uk/news/politics/georgeosborne/11907...
[2]https://en.wikipedia.org/wiki/British_country_house_contents_auctions https://en.wikipedia.org/wiki/British_country_house_contents...
- bsder 10y agoAs your article mentions, the problem is that the rich have a loophole because the property isn't taxed properly when transacted. The point isn't to make "inheritance" the taxation point, it's to make "transaction" the taxation point. In addition, I think that "inheritance tax" executes differently in the US than the UK.
- onetimeusename 10y agoI wasn't quite sure what you meant originally but I see it now and completely agree with taxes on transactions and perhaps removing those loopholes.