There is no hole deep enough that a Conservative minister cannot muster the spadework to excavate it to even greater depths. No sooner had Kwasi Kwarteng announced that he was dropping his proposed reduction in the upper rate of income tax, than Andrew Griffith, one of his ministers at the Treasury, declared that he would like to see inheritance tax abolished. I have lots of my fantastic local association [members] with me here and they will know because they asked me at my selection meeting 27 months ago which tax, if I had the choice, I would most like to see eliminated. History will record it was inheritance tax, he told Conservative party conference.
Dropping the 45 pence tax rate to 40 pence was at least the right policy, albeit at the wrong time it was politically explosive at a moment when you are demanding that workers make do with below-inflation pay rises. Abolishing inheritance tax would be damaging for the Tories at any time. I dont doubt that inheritance tax is unpopular among those who are in line to receive large legacies. But among young voters without wealthy parents, who have already seen their chances of owning their own home destroyed by the ever-greater concentration of property wealth in the hands of a lucky few? Reducing income tax whether it be the top rate or basic rate is about rewarding work. All that would be achieved by abolishing inheritance tax, by contrast, would be to reward good fortune. And no, I dont accept Milton Friedmans argument that inheritance tax would destroy the incentive to work because no one would want to invest on a horizon beyond their own lifetime. That might be an argument against inheritance tax set at punitive levels, but not one set at similar levels to income tax.
Griffith and any other Tory tempted to press for the abolition of inheritance tax needs to study the age profile of his voters. Why is it that only 30 per cent of 30-to-39-year-oldsvoted Conservative in the 2019 general election? This is a group well beyond rebellious youth; they are people who are settling down, building careers, and raising families or rather they would be if they could afford a decent home. A large part of the reason why so many of this age group are unable to do so is that their parents generation is clinging onto property, much of it acquired through inheritance. Younger people have been condemned to become their buy-to-let tenants. No wonder they are no longer attracted to the party of capitalism and the free market.
Far from abolishing inheritance tax, the Conservatives should be increasing it. Or rather they should abolish inheritance tax as a tax on estates and tax the recipientsinstead.Inherited capital and income should be treated exactly as any other kind of capital and income, taxed at 0 per cent, basic rate or upper rate depending on how much money was being inherited. That would be fair and enhance incentives to work. No longer would the children of wealthy parents be able to acquire, as they can now, a million-pound family home without paying a penny in tax. (In the case of a family home the threshold rises to 500,000, which can be added to your partner's 500,000 allowance to enable a million pound home to be passed on for nothing.)If the children of wealthy parents wanta fancy home, they would have to build their own careers instead.
More here:
Scrapping inheritance tax is a terrible idea - The Spectator
- Student-Led Working Group to Abolish GUPD Calls for Greater Community Involvement - Georgetown University The Hoya - April 10th, 2024 [April 10th, 2024]
- Nobel Peace Prize - Wikipedia - January 10th, 2023 [January 10th, 2023]
- Albanese government neuters ABCC ahead of abolition - The Australian Financial Review - October 28th, 2022 [October 28th, 2022]
- 3 Good Reasons You Should Learn More About Angela Davis - Because of Them We Can - October 15th, 2022 [October 15th, 2022]
- Eradication of forced labor -- striking example of political will - The Korea Herald - October 15th, 2022 [October 15th, 2022]
- Intrusion impending: what contractors need to know about proposed abolition of the ABCC - Lexology - October 15th, 2022 [October 15th, 2022]
- What Does It Mean To 'Abolish the Family'? - ArtReview - October 15th, 2022 [October 15th, 2022]
- UN experts call for complete abolition of death penalty as 'only viable path' - UN News - October 15th, 2022 [October 15th, 2022]
- Opinion | Social justice work must continue - UI The Daily Iowan - October 15th, 2022 [October 15th, 2022]
- Rank-and-file action committees independent of IG Metall union needed to defend all jobs at all sites - WSWS - October 15th, 2022 [October 15th, 2022]
- Japan plans to abolish health insurance cards in fall 2024 | The Asahi Shimbun: Breaking News, Japan News and Analysis - - October 15th, 2022 [October 15th, 2022]
- Are you buying the copaganda? - mlk50.com - October 15th, 2022 [October 15th, 2022]
- 'Crown Jewel of Criminal Justice System': Voters In Five States Will Address Legal Loophole That Still Allows Slavery - Atlanta Black Star - October 15th, 2022 [October 15th, 2022]
- TUPD aims to connect with Tufts community over coffee - Tufts Daily - October 15th, 2022 [October 15th, 2022]
- Ex-condemned prisoner relives 11-year wait for hangmans noose - The Herald - October 15th, 2022 [October 15th, 2022]
- The Ongoing Fight Against Femicides and Violence Against Women in the Caribbean - Rolling Stone - October 15th, 2022 [October 15th, 2022]
- At Tate Britain, Hew Locke Powerfully Reckons with Colonialist Histories and Their Lingering Aftereffects - ARTnews - October 15th, 2022 [October 15th, 2022]
- Presentation of the Annual Report of the United Nations High Commissioner for Human Rights - World - ReliefWeb - October 15th, 2022 [October 15th, 2022]
- Sanitation staff on strike over salary delay in Delhi - The New Indian Express - October 15th, 2022 [October 15th, 2022]
- Human Rights Watch Submission to the Universal Periodic Review of Burundi - Human Rights Watch - October 15th, 2022 [October 15th, 2022]
- UN experts warn of associated torture and cruel punishment - OHCHR - October 11th, 2022 [October 11th, 2022]
- How Lead Belly twice won freedom from prison through his music - Far Out Magazine - October 11th, 2022 [October 11th, 2022]
- Why don't Popes ever win the Nobel Peace Prize? - Crux Now - October 11th, 2022 [October 11th, 2022]
- Hunting: Where the end began - Reaction - October 11th, 2022 [October 11th, 2022]
- Greece is committed to reforming its mass media and protecting personal data - Hellenic News of America - October 11th, 2022 [October 11th, 2022]
- Standing against war and nuclear catastrophe: lessons from Port Kembla - Red Flag - October 11th, 2022 [October 11th, 2022]
- Liz Truss warned tax cuts like hers could lead to 'boom and bust' in unearthed 2018 clip - The Mirror - October 11th, 2022 [October 11th, 2022]
- Opinion | The Puppets and the Puppet Masters - Common Dreams - October 11th, 2022 [October 11th, 2022]
- Intersecting Drug Policy and Abolition: A Conversation - TalkingDrugs - October 6th, 2022 [October 6th, 2022]
- Rival parties to lock horns over Gender Ministry in government organization reform plan - The Korea Herald - October 6th, 2022 [October 6th, 2022]
- Reforms, roll-outs and freezes in the tax and benefit system | Institute for Fiscal Studies - ifs.org.uk - October 6th, 2022 [October 6th, 2022]
- Kwasi Kwarteng to bring forward planned fiscal statement in another U-turn as it happened - The Guardian - October 6th, 2022 [October 6th, 2022]
- IR35 reforms repeal: How it stands to benefit the tech sectors SMEs and contractors - ComputerWeekly.com - October 6th, 2022 [October 6th, 2022]
- The Future of Truth - Portsmouth Daily Times - October 6th, 2022 [October 6th, 2022]
- Governor Hochul Names Canal Corporation Vessel in Honor of the Inspirational Life and Legacy of Harriet Tubman - ny.gov - October 6th, 2022 [October 6th, 2022]
- Tory MPs hit back after threats issued to those opposing 45p tax rate abolition - The Guardian - October 6th, 2022 [October 6th, 2022]
- John Hood: Don't That Just Beat All? Neuse News - Neuse News - October 6th, 2022 [October 6th, 2022]
- Reeves: Government instincts in mini-Budget were to cut taxes for wealthiest - LabourList - October 6th, 2022 [October 6th, 2022]
- The Biggest Exhibitions To See In London And Beyond: Autumn 2022 - Londonist - October 6th, 2022 [October 6th, 2022]
- Actually, Black Mermaid Folklore Has Been Around Long Before Disneys The Little Mermaid - Yahoo Life - October 6th, 2022 [October 6th, 2022]
- Build solidarity with rail workers fight! Help strengthen, expand the labor movement! The Militant - The Militant - September 14th, 2022 [September 14th, 2022]
- The Most Absolute Abolitionnew book explores abolition and lives of escaped slaves - Socialist Worker - September 14th, 2022 [September 14th, 2022]
- Democracy Cant Be Reduced to Voting in 2022 We Must Build the Future We Want - Truthout - September 14th, 2022 [September 14th, 2022]
- Christophe Ferrari denounces the announced abolition of the CVAE - US Sports - US Sports - - September 14th, 2022 [September 14th, 2022]
- Child labour: Nashik tribals struggle to survive, give kids to goatherds for Rs 10K - The New Indian Express - September 14th, 2022 [September 14th, 2022]
- Library Takeover Returns: Submit Your Application! | City of Madison - City of Madison, Wisconsin - September 14th, 2022 [September 14th, 2022]
- Do Britain and the world really need a king? - People's World - September 14th, 2022 [September 14th, 2022]
- Soka Gakkai International's Nuclear Abolition Work - Tricycle - September 7th, 2022 [September 7th, 2022]
- Clinton nonprofit funneled $75,000 to 'defund the police' group: report - New York Post - September 7th, 2022 [September 7th, 2022]
- Cops and Prosecutors Truly Work the Same Side: Ingrid Raphal and Melissa Gira Grant on their FOV Doc They Wont Call It Murder - Filmmaker Magazine - September 7th, 2022 [September 7th, 2022]
- The Iran Man Behind the Nuclear Curtain Jewish Policy Center - Jewish Policy Center - September 7th, 2022 [September 7th, 2022]
- Dorothy Roberts Tried to Warn Us - New York Magazine - September 7th, 2022 [September 7th, 2022]
- Hear Me Now: The Black Potters Of Old Edgefield, South Carolina - Antiques And The Arts Weekly - Antiques and the Arts Online - September 7th, 2022 [September 7th, 2022]
- The Spin | Zimbabwe's upset win should spur England to be good global citizens - The Guardian - September 7th, 2022 [September 7th, 2022]
- Letter of the week: The Proms deserve better - The New Statesman - September 7th, 2022 [September 7th, 2022]
- Why We Should Abolish the Family Current Affairs - Current Affairs - September 6th, 2022 [September 6th, 2022]
- On the Need for Honest Abolitionists. | Jeff Hood - Patheos - September 6th, 2022 [September 6th, 2022]
- Chile rejects a progressive constitution with big changes - NPR - September 6th, 2022 [September 6th, 2022]
- Where Solidarity, Abolition, and Queer History Meet - The Nation - September 6th, 2022 [September 6th, 2022]
- Addressing the sugar crisis long term - Manila Bulletin - September 6th, 2022 [September 6th, 2022]
- Experts react: The United Kingdom has a new prime minister. What should the world expect from Liz Truss? - Atlantic Council - September 6th, 2022 [September 6th, 2022]
- Explained Books | An eminent cardiac surgeon's account of his work, and of Kashmir - The Indian Express - September 6th, 2022 [September 6th, 2022]
- Formerly incarcerated women of color face worse health in later life | OUPblog - OUPblog - September 6th, 2022 [September 6th, 2022]
- The crime against humanity that is the modern OS desktop, and how to kill it - The Register - September 6th, 2022 [September 6th, 2022]
- Kenya: William Ruto's triumph, By Reuben Abati - Premium Times - September 6th, 2022 [September 6th, 2022]
- What shall we do with the climate refugees? - Trinidad & Tobago Express Newspapers - September 6th, 2022 [September 6th, 2022]
- Digitisation of records, land reforms turn 'Naya J&K' hi-tech - Rising Kashmir - September 6th, 2022 [September 6th, 2022]
- What year was slavery abolished in the US? - Fox News - August 25th, 2022 [August 25th, 2022]
- The United Nations Human Rights Council met for its 50th Regular Session from June 13 to July 8, 2022. - WCADP - World Coalition Against the Death... - August 25th, 2022 [August 25th, 2022]
- Special Tax Regimes for Mobile Individuals and Their Impact on the EU's Single Market - Bloomberg Tax - August 25th, 2022 [August 25th, 2022]
- Undergraduate Summer Research Highlights - Newsroom | University of St. Thomas - University of St. Thomas Newsroom - August 25th, 2022 [August 25th, 2022]
- A safe and healthy working environment is now a human right - Workplace Insight - August 25th, 2022 [August 25th, 2022]
- Haryana dismisses alleged abolition of teachers post as baseless - The Statesman - August 25th, 2022 [August 25th, 2022]
- New book explores wicked problems facing peace studies scholars and practitioners // Department of Political Science // University of Notre Dame -... - August 25th, 2022 [August 25th, 2022]
- Universities Are Plundering Cities. How Can This Relationship Change? - Truthout - August 25th, 2022 [August 25th, 2022]
- Edinburgh should apologise for role in slavery and colonialism, says academic - STV News - August 25th, 2022 [August 25th, 2022]
- The inside story of the CIA v Russia from cold war conspiracy to 'black' propaganda in Ukraine - The Conversation Indonesia - August 25th, 2022 [August 25th, 2022]
- Radical gender theory has now made its way into more than 4,000 US schools - Home - WSFX - August 25th, 2022 [August 25th, 2022]
- Infanticide: Excitement as 5-year-old reunites with family in FCT - Blueprint Newspapers Limited - August 25th, 2022 [August 25th, 2022]
- London Influence: In the tank for Liz Man of Mistry Meet Rud Pedersen - POLITICO Europe - August 25th, 2022 [August 25th, 2022]