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Post by Deleted on Nov 20, 2023 16:53:43 GMT
Inheritance tax should be cut if not abolished. Our threshold is way below much of Europe, let alone the US and hasn't kept pace with inflation. As ever, it's a tax on the poor since the rich have numerous ways to avoid it. There is a disingenuous argument being made here. The poor have nowhere near enough to be liable for it. Only the richest few percent are liable. So if these people find it so easy to avoid, what is the point of cutting it? Cutting something that no one pays would surely be a total waste of effort, would it not? |
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Post by Deleted on Nov 20, 2023 16:58:51 GMT
Cutting taxes and the public sector would be a good thing. The establishment left have abused everything at record levels which is very harmful to democracy. Their feeble excuses about the poor just don't cut it anymore.
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Post by Fairsociety on Nov 20, 2023 17:05:26 GMT
Inheritance tax should be cut if not abolished. Our threshold is way below much of Europe, let alone the US and hasn't kept pace with inflation. As ever, it's a tax on the poor since the rich have numerous ways to avoid it. There is a disingenuous argument being made here. The poor have nowhere near enough to be liable for it. Only the richest few percent are liable. So if these people find it so easy to avoid, what is the point of cutting it? Cutting something that no one pays would surely be a total waste of effort, would it not? The problem being that even the 'poor' as you call them, if they are property owners the average house price is about £290,000, the tax threshold is £325,000, so any other savings or assets over £35,000 incur inheritance tax.
With this in mind including house prices the government should push the tax threshold up to £450,000 this would exclude them from 'unfair' inheritance taxes.
"Average UK house prices increased by 0.6% in the 12 months to July 2023 (provisional estimate), down from a revised 1.9% in June 2023. The average UK house price was £290,000 in July 2023, which is £2,000 higher than 12 months ago, but £2,000 below the recent peak in November 2022"
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Post by Deleted on Nov 20, 2023 17:08:46 GMT
There is a disingenuous argument being made here. The poor have nowhere near enough to be liable for it. Only the richest few percent are liable. So if these people find it so easy to avoid, what is the point of cutting it? Cutting something that no one pays would surely be a total waste of effort, would it not? The problem being that even the 'poor' as you call them, if they are property owners the average house price is about £290,000, the tax threshold is £325,000, so any other savings or assets over £35,000 incur inheritance tax.
With this in mind including house prices the government should push the tax threshold up to £450,000 this would exclude them from 'unfair' inheritance taxes.
"Average UK house prices increased by 0.6% in the 12 months to July 2023 (provisional estimate), down from a revised 1.9% in June 2023. The average UK house price was £290,000 in July 2023, which is £2,000 higher than 12 months ago, but £2,000 below the recent peak in November 2022"
Well if you think the poor have savings or assets in excess of £35,000, in addition to owning their own home, you clearly have little understanding of what being poor actually is. |
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Post by Deleted on Nov 20, 2023 17:20:14 GMT
To my way of thinking the real question is not which taxes are to be reduced, but why not ?
It does not matter how much public money is given to Britain's layabout army, it is never going to leap up, take responsibility for its own lives. get jobs and vote Conservative. It will just sit back, think the tax paying public are mugs and wait for the benefit cheques to hit their bank accounts.
So cut taxes and benefits
And pensions? Or are there different rules for you? Half of all working age welfare claimants are in work. The problem here is not lazyness or excessively generous welfare provision which in reality is amongst the meanest in western Europe.. The problem is piss poor pay and stupidly high rents. Do something about that and hard working people would be a lot less reliant upon welfare. And do you know how much a single person out of work is entitled to on Universal Credit? Less than £360 a month, plus rent allowance that goes to the landlord and not him. A single persons energy bill alone now comes close to £100 a month, food, toiletries and clothing have to be paid for, other bills like water have to be paid, a percentage of council tax, plus internet access which is essential for jobsearching and everything else these days. I doubt whether you could manage on it. |
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Post by Fairsociety on Nov 20, 2023 17:24:24 GMT
The problem being that even the 'poor' as you call them, if they are property owners the average house price is about £290,000, the tax threshold is £325,000, so any other savings or assets over £35,000 incur inheritance tax.
With this in mind including house prices the government should push the tax threshold up to £450,000 this would exclude them from 'unfair' inheritance taxes.
"Average UK house prices increased by 0.6% in the 12 months to July 2023 (provisional estimate), down from a revised 1.9% in June 2023. The average UK house price was £290,000 in July 2023, which is £2,000 higher than 12 months ago, but £2,000 below the recent peak in November 2022"
Well if you think the poor have savings or assets in excess of £35,000, in addition to owning their own home, you clearly have little understanding of what being poor actually is. Considering most relatives don't face inheritance tax until 'after' a loved one dies, they are generally pensioners, who have private pension pots, and state pension so £35,000 including pensions is very possible.
"Life insurance provider Aegon says that the average pension pot in the UK currently stands at nearly £50,000 with men saving an average of £73,600 and women saving an average of £24,900, so you don't need a calculator to work out that Which?'s current £39,000 a year recommendation is far out of reach for most people"
Are you saying most pensioners retire with no pension pots?
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Post by Deleted on Nov 20, 2023 17:38:49 GMT
Well if you think the poor have savings or assets in excess of £35,000, in addition to owning their own home, you clearly have little understanding of what being poor actually is. Considering most relatives don't face inheritance tax until 'after' a loved one dies, they are generally pensioners, who have private pension pots, and state pension so £35,000 including pensions is very possible.
"Life insurance provider Aegon says that the average pension pot in the UK currently stands at nearly £50,000 with men saving an average of £73,600 and women saving an average of £24,900, so you don't need a calculator to work out that Which?'s current £39,000 a year recommendation is far out of reach for most people"
Are you saying most pensioners retire with no pension pots?
Most poor pensioners retire without owning property, and any pension pots tend to be very small. My mum's private pension for example is less than £100 per month. Besides, none of them pay a penny in inheritance until they are actually dead, in which case they clearly don't need the money anymore. Taxing the assets of the dead makes far more economic sense than taxing the productive labour of the living. And as for those who inherit, for them it is a wholly unearned windfall. |
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Post by Fairsociety on Nov 20, 2023 17:43:01 GMT
Considering most relatives don't face inheritance tax until 'after' a loved one dies, they are generally pensioners, who have private pension pots, and state pension so £35,000 including pensions is very possible.
"Life insurance provider Aegon says that the average pension pot in the UK currently stands at nearly £50,000 with men saving an average of £73,600 and women saving an average of £24,900, so you don't need a calculator to work out that Which?'s current £39,000 a year recommendation is far out of reach for most people"
Are you saying most pensioners retire with no pension pots?
and any pension pots tend to be very small. My mum's private pension for example is less than £100 per month. Besides, none of them pay a penny in inheritance until they are actually dead, in which case they clearly don't need the money anymore. Taxing the assets of the dead makes far more economic sense than taxing the productive labour of the living. And as for those who inherit, for them it is a wholly unearned windfall. Now you are just making it up to suit your agenda, most reading this will know that, so I don't think I will waste more of my time stating the obvious. |
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Post by sheepy on Nov 20, 2023 17:45:35 GMT
Considering most relatives don't face inheritance tax until 'after' a loved one dies, they are generally pensioners, who have private pension pots, and state pension so £35,000 including pensions is very possible.
"Life insurance provider Aegon says that the average pension pot in the UK currently stands at nearly £50,000 with men saving an average of £73,600 and women saving an average of £24,900, so you don't need a calculator to work out that Which?'s current £39,000 a year recommendation is far out of reach for most people"
Are you saying most pensioners retire with no pension pots?
Most poor pensioners retire without owning property, and any pension pots tend to be very small. My mum's private pension for example is less than £100 per month. Besides, none of them pay a penny in inheritance until they are actually dead, in which case they clearly don't need the money anymore. Taxing the assets of the dead makes far more economic sense than taxing the productive labour of the living. And as for those who inherit, for them it is a wholly unearned windfall. So basically you spend your whole life feeding the government tax directly and indirectly then if you have managed a nest egg they want a share of that as well you cannot even escape them in death. I think in fairness in this day and age it should be a million quid and a sliding scale beyond that. |
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Post by Fairsociety on Nov 20, 2023 17:47:55 GMT
Most poor pensioners retire without owning property, and any pension pots tend to be very small. My mum's private pension for example is less than £100 per month. Besides, none of them pay a penny in inheritance until they are actually dead, in which case they clearly don't need the money anymore. Taxing the assets of the dead makes far more economic sense than taxing the productive labour of the living. And as for those who inherit, for them it is a wholly unearned windfall. So basically you spend your whole life feeding the government tax directly and indirectly then if you have managed a nest egg they want a share of that as well you cannot even escape them in death. I think in fairness in this day and age it should be a million quid and a sliding scale beyond that. The average pensioner dies with property and pension pots, srb is just making things up. The inheritance tax threshold should be minimum £450,000, taking into account property prices. |
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Post by Deleted on Nov 20, 2023 17:48:25 GMT
Cutting taxes and the public sector would be a good thing. The establishment left have abused everything at record levels which is very harmful to democracy. Their feeble excuses about the poor just don't cut it anymore. The so called establishment left have not been running the country for at least 13 years. Or does the alternate reality in your head include a left wing government running the country in spite of 5 Tory Prime Ministers in a row? And they have presided over such a total shitshow that all public services have been cut to the bone to the extent that barely anything works anymore, yet taxes are higher than they have ever been, and we are seeing the kind of mass poverty in this country unknown since the 1930s. Yet I suppose things look very different in your alternate reality. |
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Post by Deleted on Nov 20, 2023 17:49:51 GMT
Most poor pensioners retire without owning property, and any pension pots tend to be very small. My mum's private pension for example is less than £100 per month. Besides, none of them pay a penny in inheritance until they are actually dead, in which case they clearly don't need the money anymore. Taxing the assets of the dead makes far more economic sense than taxing the productive labour of the living. And as for those who inherit, for them it is a wholly unearned windfall. Now you are just making it up to suit your agenda, most reading this will know that, so I don't think I will waste more of my time stating the obvious. If you cannot accept the plain facts I am telling you because you have no real answer to them, that is not my problem. |
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Post by Deleted on Nov 20, 2023 17:51:25 GMT
Erm they have and through the civil service, courts and the joke Conservative party, which is no longer the party of the right. The reason there have been so many Tory PMs is because the establishment is too corrupt to allow Conservatism to work. There hasn't been a true Conservative party in decades. |
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Post by Deleted on Nov 20, 2023 17:51:56 GMT
So basically you spend your whole life feeding the government tax directly and indirectly then if you have managed a nest egg they want a share of that as well you cannot even escape them in death. I think in fairness in this day and age it should be a million quid and a sliding scale beyond that. The average pensioner dies with property and pension pots, srb is just making things up. The inheritance tax threshold should be at least £450,000, taking into account property prices. Were we not discussing poor pensioners and not average ones? And the simple fact is that no one pays inheritance tax until after they are dead. A time when they no longer need it. |
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Post by Deleted on Nov 20, 2023 17:53:23 GMT
Erm they have and through the civil service, courts and the joke Conservative party, which is no longer the party of the right. The reason there have been so many Tory PMs is because the establishment is too corrupt to allow Conservatism to work. There hasn't been a true Conservative party in decades. I see. In your alternate reality the Tory party is a party of the left! Ok, lol |
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