Scrap Inheritance Tax
The world is seriously in debt and the number get ever bigger, which means that those who strive for years to build wealth have the potential to lose a vast section of it when they pass on. My ambition, initiated by this simple idea listing is to scrap inheritance tax in the UK for all properties up to £1m (or whatever number is appropriate) so that more wealth is kept within the families of ordinary people. In addition, this number (or whatever is agreed upon) should increase your-on-year to take into account inflation, or other such useful financial indicators.
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By scrapping inheritance tax, the UK government can incentivise individuals to invest, save, and accumulate wealth. Removing this tax burden can prevent the liquidation of assets and the transfer of wealth to tax havens, fostering entrepreneurship, innovation, and investment. A tax system that allows families to retain inherited wealth creates an environment conducive to economic growth and job creation.
The elimination of inheritance tax simplifies an already complex taxation system. The administrative burden placed on individuals and families to calculate, report, and pay this tax can be burdensome. By removing this tax, the UK can promote a simpler tax system, reducing compliance costs for taxpayers and freeing up resources for more productive activities. Simplicity in taxation promotes efficiency, transparency, and fairness.
Inheritance tax often penalises individuals who have diligently worked to accumulate wealth throughout their lives. It can discourage savings and long-term financial planning, as individuals anticipate a significant portion of their assets being taxed upon their death. Removing this tax enables individuals to preserve their wealth and pass it on to future generations, fostering a sense of financial security and promoting intergenerational prosperity.
Inheritance tax can contribute to wealth inequalities by perpetuating the concentration of wealth in a few privileged families. Eliminating this tax creates a more level playing field, allowing individuals from all socioeconomic backgrounds to pursue their aspirations. It reduces barriers to wealth accumulation and provides opportunities for upward economic mobility, promoting a fairer and more equitable society.
Scrapping inheritance tax can encourage philanthropy and charitable giving. Currently, the tax liability often leads to the liquidation of assets instead of their donation to charitable causes. By removing this tax, the UK government can provide families with greater flexibility to donate inherited assets to causes they care about, fostering a culture of giving and supporting vital social initiatives.
Eliminating inheritance tax in the UK has the potential to promote economic growth, simplify the tax system, enhance individual prosperity, facilitate social mobility, and stimulate philanthropy. However, it is crucial to strike a balance between encouraging wealth creation and ensuring a fair and equitable society. While advocating for the removal of inheritance tax, it is essential to consider alternative revenue sources and mechanisms to promote wealth redistribution. The aim of this idea listing is to encourage all concerned parties in the UK to consider incorporating the abolition of inheritance tax into their manifesto, while simultaneously designing a better tax system to ensure fairness and equity, including mechanisms for the most affluent to contribute their share of taxes through PAYE or other suitable means. It’s time for the people to have their say.
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