Nimrod103 wrote:Dod101 wrote:
What nonsense. No victory in cutting the tax for IHT. As Preston says, it would add nothing to encourage growth and that above all is what we need now.
Obviously I would prefer that we did not tax estates but it is a fairly modest tax anyway. Hunt needs to encourage businesses to invest more in growth to build for the future.
Dod
IHT at 40% is not a modest tax, it is punitive and deliberately so. IHT encourages the dispersal and spending of capital, and so discourages investment and growth. Why save and build when the Govt takes another 40% out of your money, after they already took 40% when you earned it? But it is a bit late for Hunt to want to go for growth, that was Truss's policy wasn't it?
If you're fortunate enough where 1% of the population are paying a third of the tax take, as how the UK was, then encouraging doubling or even trebling that number is a sound/good policy. Could lead to where for the same amount of government spending 97% weren't paying any taxes (fairer wealth redistribution). But the UK's opted to throw that away, instead encourage the 1% to self-exile - to the benefit of the recipient nation/states. A intentional policy for a decline in the number that are comfortable enough to fund their own families health/education spending, that otherwise alleviates the demand upon public services. Families being permitted to retain say £7 million can yield a better situation than if that £7M is confiscated and distributed across 70 million individuals each receiving 10p, or where that £7M simply vanishes out of the domestic economy.
The signs are of yet higher taxes to come as the UK's 1% self-exile and the rest have to pay 50% more just to fill that hole, which is typically precursored with a intentional "lock-down", where your wealth/capital/assets are known to the state. When others know where and how much your stack is, its no longer yours, but theirs, a loan subject to being called in at any time. Commonly nowadays individuals are happy for such state supervision/awareness, are content for the state to confiscate at any time. In prior centuries individuals were highly against such invasion of privacy, income tax was a non starter for instance as individuals would proclaim that it was none of the states business as to where and how much money/assets a individual may have.
The clear indicator is that IHT will not be lowered, is more inclined to be increased, as are both current Lab and Con policies directed towards yet higher taxation to come. LT/KK/SB were potential reversals of that downward push, but Remainers have vilified them as with decline so the UK will be more inclined to be absorbed to being under German (EU) control.