IThoughts on inheritance
Earned income subject to taxes, unearned income not taxed. Not strictly true yet latter is historical less taxed. Work is a rather modern invention, income linked to work. Taxes have been around for hundreds of years. Bringing us to inheritance tax. A high amount of resistance to the idea. The moral point of view no entitlement on wealth. Inheritance is unearned wealth. Political inconvenience to talk about taxes. Political language turned taxes into the negative thing. Taxes fund items society wants or demands. An application can have major positive/negative impacts.
Personal wealth is fine, therefore inheritance. Inheritance like any wealth should be subject to taxes. Social care costs should be taken from any inheritance. Wealth is fine but funds any extra costs. Some people want to keep inheritance does not pay any tax. Letting the state subsidized the inheritance. Increasing children’s future tax bill, paying for tax-free inheritance gift. Living beyond their own means passing the cost to somebody else. Do have a big problem with refusing to pay taxes. Yet claiming all the benefits.
The moral duty to pay taxes when gained wealth from the system. Inheritance is not a human right. Not everybody is capable of gathering wealth together. Creating some form of inheritance. The only small group can gather enough to form any sort of inheritance. Did nothing to earn that wealth. Reject this not just on moral grounds but deeply irresponsible. Reinforcing structural imbalances hurting social mobility.
The biggest source of unearned income is housing. High yield investment many don’t want to pay any tax. Did nothing to earn that wealth. A debate is required on nature of work at some point. increase in value should be taxed. Political impossible to talk about this hidden truth. Must be addressed at some point. No evidence unearned income is productive. Some evidence heavy focus on housing has negative impacts.
Politicians unwilling to challenge newspapers. Claiming inheritance tax is deeply unfair. The mainstream center won’t reject this populist nonsense. Right wing pundits claimed left wanted to tax/spend. Left has been the unable challenge this in face of right spending without taxing correctly. Some on the left been willing to challenge this thinking. Turns out it was rather responsible thinking. Given the fiscal arguments presented by some. An argument against inheritance tax breaks down when talking about fiscal responsibility.
Brief note on fiscal responsibility. Makes sense during a time of fiscal constraints. Seek out sources of wealth/income. Money can be found to pay for public services. Society has a moral duty to offer certain services. Society faces a choice what wants to spend money on. Down to the Government to provide for these voices. Questions should be asked about everything. Including how these programs are funded who paying for it.
Fiscal responsibility is code for irresponsibility. So-called fiscal constraints have driven certain spending choices. Unable to question certain choices. Avoiding the debate hoping it would pass. Willing to give away billions without questions. Increasing tax bills for the future. Transferring wealth reinforcing structural imbalances. Claiming debt is a problem yet willing to increase future tax bills. Passing the cost towards somebody else.
Inheritance tax is a necessary thing. Social care costs deducted from any inheritance. The right thing to do during a time of fiscal constraints. Seek out sources of wealth/income. Redistribution between haves and have-nots. The argument against inheritance tax breaks down when talking about fiscal responsibility. Comes down to political choice over fiscal responsible.
Should challenge the choices made over-demonize the system.