The Chronicles of Rishi

[Mr K]

Originally Posted by Paul

TBH, if he thinks reducing inheritance tax is going to win him support I think hes dreaming, its really of little importance to the majority.

He doesn't. They are just filling their own pockets whilst they can.

[jfman]

Originally Posted by Sephiroth

Leftie interpretation. Sunak wants to bring out the Tory voters.
Those idiots should have abolished IHT 4 years ago. It's a bad tax, mismanaged by an incompetent government.

It can’t be that bad a tax if even after 13 years of Conservative Government they didn’t bin it.

---------- Post added at 21:42 ---------- Previous post was at 21:40 ----------

Originally Posted by Mr K

He doesn't. They are just filling their own pockets whilst they can.

It’s another dog whistle, and a dare to Labour to state a position on something. It applies to almost no-one but the same idiots who think the folk on small boats are here for free iPads and benefits also think they might pay inheritance tax.

[1andrew1]

Originally Posted by Paul

TBH, if he thinks reducing inheritance tax is going to win him support I think hes dreaming, its really of little importance to the majority.

It will help retain some valuable funders on board for the wilderness years and won't lose many votes. That's assuming they do remove it.

[Dave42]

Originally Posted by Sephiroth

Leftie interpretation. Sunak wants to bring out the Tory voters.
Those idiots should have abolished IHT 4 years ago. It's a bad tax, mismanaged by an incompetent government.

utter nonsense so give to rich screw everyone else right?

[Sephiroth]

Originally Posted by Dave42

utter nonsense so give to rich screw everyone else right?

More leftie drivel. How does hard earned wealth ‘screw everyone else’?

It’s a disgusting tax.

Originally Posted by Dave42

utter nonsense so give to rich screw everyone else right?

Give to the rich ? Its already their money

[Dave42]

Originally Posted by Sephiroth

More leftie drivel. How does hard earned wealth ‘screw everyone else’?

It’s a disgusting tax.

so if you inherit the wealth you hard earned it utter nonsense again

if the wealth is inherited you have not hard earned it have you

[Pierre]

Originally Posted by Dave42

so if you inherit the wealth you hard earned it utter nonsense again

if the wealth is inherited you have not hard earned it have you

I come from a working class background, I didn’t get anything from my parents ( I got £8k in my late forties, that I didn’t need, or want actually, I put it in my kids accounts). I’ve paid tax already on everything I have earned or bought, if I want to give bequeath what I have accumulated to my children so they can benefit, why should the state have a double dip?

The goal for every parent is to give their kids a better life than they had.

[jfman]

Originally Posted by Pierre

I come from a working class background, I didn’t get anything from my parents ( I got £8k in my late forties, that I didn’t need, or want actually, I put it in my kids accounts). I’ve paid tax already on everything I have earned or bought, if I want to give bequeath what I have accumulated to my children so they can benefit, why should the state have a double dip?

The goal for every parent is to give their kids a better life than they had.

The state double dips at every turn. You pay tax on your income and then on almost everything you spend. Even more tax if it involves petrol, alcohol, flying anywhere or anything remotely enjoyable.

The idea that children inheriting many multiples of the average salary is the line that can’t or shouldn’t be crossed when if they’d earned it themselves it’d be taxed is a red herring.

There’s no real indication that inheritance tax prevents parents achieving that goal. Although I do understand why any rational individual wants to avoid any tax.

[Pierre]

Originally Posted by jfman

The state double dips at every turn. You pay tax on your income and then on almost everything you spend. Even more tax if it involves petrol, alcohol, flying anywhere or anything remotely enjoyable.

The idea that children inheriting many multiples of the average salary is the line that can’t or shouldn’t be crossed when if they’d earned it themselves it’d be taxed is a red herring.

There’s no real indication that inheritance tax prevents parents achieving that goal. Although I do understand why any rational individual wants to avoid any tax.

I think you’re right in so far as we all pay tax on everything, probably multiple times without knowing it.

But, when it comes down to what you’ve actually earnt, After paying all those taxes, to give to your family. That’s when it’s an issue, that’s when it bites.

I do not believe inheritance tax, I shouldn’t be taxed when I’m dead.

[jfman]

Originally Posted by Pierre

I think you’re right in so far as we all pay tax on everything, probably multiple times without knowing it.

But, when it comes down to what you’ve actually earnt, After paying all those taxes, to give to your family. That’s when it’s an issue, that’s when it bites.

I do not believe inheritance tax, I shouldn’t be taxed when I’m dead.

You couldn’t gift the money when alive on a tax free basis, whether you are alive or not seems a meaningless distinction.

I don’t actually think IHT is that great a tax either - the rich shouldn’t have to die to be taxed appropriately.

[Sephiroth]

Originally Posted by jfman

The state double dips at every turn. You pay tax on your income and then on almost everything you spend. Even more tax if it involves petrol, alcohol, flying anywhere or anything remotely enjoyable.

The idea that children inheriting many multiples of the average salary is the line that can’t or shouldn’t be crossed when if they’d earned it themselves it’d be taxed is a red herring.

There’s no real indication that inheritance tax prevents parents achieving that goal. Although I do understand why any rational individual wants to avoid any tax.

Not a red herring at all. If the government instead lowers income tax or VAT or some other direct taxation, and you accumulate more wealth as a result, IHT takes that back at the 40% tax rate subject to the allowances.

IHT should be scrapped and the government should fund its business through direct taxation such as inccome tax, VAT, duties.

[jfman]

Originally Posted by Sephiroth

Not a red herring at all. If the government instead lowers income tax or VAT or some other direct taxation, and you accumulate more wealth as a result, IHT takes that back at the 40% tax rate subject to the allowances.

IHT should be scrapped and the government should fund its business through direct taxation such as inccome tax, VAT, duties.

Yes, just like it dictates how much you earn, and the cut it takes when you spend (or gift to your children when alive).

There’s definitely an argument for better taxation, closing the tax gap, taxation of non-PAYE taxpayers and ending many loopholes. I’m at the front of the queue.

However in the absence of comprehensive reform I fail to see the value in one off tax exemptions for the children of the rich. We need to give it more teeth for those that avoid it.

[Sephiroth]

Originally Posted by jfman

Yes, just like it dictates how much you earn, and the cut it takes when you spend (or gift to your children when alive).

There’s definitely an argument for better taxation, closing the tax gap, taxation of non-PAYE taxpayers and ending many loopholes. I’m at the front of the queue.

However in the absence of comprehensive reform I fail to see the value in one off tax exemptions for the children of the rich. We need to give it more teeth for those that avoid it.

You've boiled the IHT question down to one-off vs comprehensive reform. I can't argue against that, so long as IHT is abolished.

However, 'comprehensive reform' is pie in the sky because of the way politics works: dishonestly and not in our best interests.

Where I fundamentally disagree with you, is the disdain you have for the 'children of the ricj'. It's too broad a brush. I'm not rich but circumstances are such, particularly as regards the housing ladder, where I don't want the wretched state to rip off a serious chunk of what I could leave to my kids. Btw, if some of my 'wealth' is inherited and not down to my own hard work, it was down to the hard work of my and my wife's parents.



---------- Post added at 01:37 ---------- Previous post was at 01:37 ----------

Btw, the Qantas business lounge at Sydney is shit!

[jfman]

The housing bubble is the most egregious example of untaxed wealth. A far cry from Pierre’s double taxing of income.

I’m not a business lounge type of person, smoking terraces are more my scene and I don’t smoke. It’s nice to sit out rather than fight over seats at the gate.