| T O P I C R E V I E W |
| moon23 |
Posted - 17/08/2007 : 11:12:09
In the past couple of days John Redwood has come out with a number of new economic policies for the Tories to perhaps to perhaps not adopt (depending on opinion polls).
Whereas Cameron has done his utmost on trying to present the Tories as reformed middle of the word people you can trust, Redwood has been doing his utmost to make the Tories drop in the polls.
Aside from wanting to scrap health & safety legislation, data protection act and doubling the amount of roads in the UK, Redwood now wants to scrap inheritance tax.
Now that many people have benefited from seeing the price of their house rise more people then ever are paying this tax. However if you have just gained £300,000 then some might well argue that you can afford to give a little bit back to society. This tax is also not paid on inheriting primary residence that you are already living in.
Other Tory proposals include increasing the band that people pay the top rate of tax. I agree again that more people are now paying this tax but can we really justify reducing tax the reasonably well off when so many people are struggling at the bottom?
Surely it would make more sense to increase the amount people can earn before they get taxed? This would increase the economic benefit for those on benefits trying to get into work as well as providing some extra relief for working families who may not be near the bench mark for paying higher rate of tax.
This would unlike the proposed scrapping of inheritance tax benefit those who are in real need as well as helping to lift people out of the benefit system that costs us all in the pocket.
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| 17 L A T E S T R E P L I E S (Newest First) |
| Miriam Binder |
Posted - 22/08/2007 : 13:18:13
quote:
Originally posted by moon23
Cutting government legislation puts people out of jobs and puts them on the doll that costs tax payers money.
So now you are saying that you want to see a maintaining of the level of bureaucracy? |
| moon23 |
Posted - 22/08/2007 : 13:14:44
quote:
Originally posted by Miriam Binder
quote:
Originally posted by moon23
Red Tape gives people jobs
So does carpet weaving, burger flipping and water sanitation ... your point being Moon?
Cutting government legislation puts people out of jobs and puts them on the doll that costs tax payers money. |
| Miriam Binder |
Posted - 22/08/2007 : 13:10:51
quote:
Originally posted by moon23
Red Tape gives people jobs
So does carpet weaving, burger flipping and water sanitation ... your point being Moon? |
| moon23 |
Posted - 22/08/2007 : 12:27:52
Red Tape gives people jobs |
| Miriam Binder |
Posted - 22/08/2007 : 11:42:39
Interesting analysis of the Tory proposals. |
| Daveb |
Posted - 21/08/2007 : 20:27:48
If it puts solicitors out work that works for me.
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| The Duke of Uranus |
Posted - 21/08/2007 : 14:13:58
quote:
no, I’ll just whine about how the government turns a blind eye to these loop holes that allow the rich to shirk their social responsibilities if it’s all the same to you.
I wouldn't expect anything less from you. |
| moon23 |
Posted - 21/08/2007 : 13:04:20
no, I’ll just whine about how the government turns a blind eye to these loop holes that allow the rich to shirk their social responsibilities if it’s all the same to you. |
| The Duke of Uranus |
Posted - 21/08/2007 : 12:39:07
quote:
Think of all those poor solicitors who will be out of work if it's scrapped then!
Hehe, so sue me  |
| moon23 |
Posted - 21/08/2007 : 12:11:34
quote:
Originally posted by The Duke of Uranus
Personally i don't think scrapping inheritance tax will change a thing as it's easy enough to get out of paying with any half decent solicitor and a bit of forward planning and no, i don't mean you need to know when you're going to die
All the inheritance tax does at the moment is penalise the less informed and create jobs (funded by our taxes obviously) in HMRC.
Think of all those poor solicitors who will be out of work if it's scrapped then! |
| The Duke of Uranus |
Posted - 21/08/2007 : 10:36:44
Personally i don't think scrapping inheritance tax will change a thing as it's easy enough to get out of paying with any half decent solicitor and a bit of forward planning and no, i don't mean you need to know when you're going to die
All the inheritance tax does at the moment is penalise the less informed and create jobs (funded by our taxes obviously) in HMRC. |
| moon23 |
Posted - 21/08/2007 : 09:13:17
quote:
Originally posted by camelot
quote:
Originally posted by Daveb
If you have paid tax on everything you have earnt, everything you have bought for your family when alive, why should you pay tax on it again when you are dead?
Nothing better than grave robbing by another name
"Death tax"...that's how they sold the repeal of inheritance tax here in the USA. Word pictures of farmers children losing the farm because of the unfair tax were used to sell the hoi polloi on the unfairness of the tax. Some studies I have seen indicate that in only three generations the USA‘s richest families will own 92% of Americas assets now that the tax is repealed. I believe that the tax will be reinstated soon; with a much higher dollar amount before it kicks in…Our old law was a graduated tax percentage that started at $600,000 (US)
PS There were no farmers who ever lost their farm to the death tax by the way…. Many on both sides of this issue looked.
It’s interesting to know of the US example.
Camelot you raise a very good point about the accumulation of wealth down generations. If families can pass down all of their assets then before long a minority of people own all of the assets. It's simple; if you start with a large amount of capital it's easy to make money. People who come from poor families become at even more of a disadvantage.
That's why we have taxes to level the playing field and to ensure that even those born to the poorest families have a fighting chance through the state education system to make a decent life for themselves. These systems are funded through tax.
Unfortunatly this ideal of a meritocracy is a long way off as there are still many class divisions and wealth divisions within our society.
Scrapping inheritance tax would only make this worse.
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| camelot |
Posted - 21/08/2007 : 02:10:45
quote:
Originally posted by Daveb
If you have paid tax on everything you have earnt, everything you have bought for your family when alive, why should you pay tax on it again when you are dead?
Nothing better than grave robbing by another name
"Death tax"...that's how they sold the repeal of inheritance tax here in the USA. Word pictures of farmers children losing the farm because of the unfair tax were used to sell the hoi polloi on the unfairness of the tax. Some studies I have seen indicate that in only three generations the USA‘s richest families will own 92% of Americas assets now that the tax is repealed. I believe that the tax will be reinstated soon; with a much higher dollar amount before it kicks in…Our old law was a graduated tax percentage that started at $600,000 (US)
PS There were no farmers who ever lost their farm to the death tax by the way…. Many on both sides of this issue looked.
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| moon23 |
Posted - 20/08/2007 : 10:31:23
quote:
Originally posted by Denise
quote:
Originally posted by Tombstone Blues
Tax cuts for the rich . . .good old tories, same old song.
The bulk of those falling into the inheritance tax trap over the past few years can hardly be described as "rich" TB.
This is money best kept out of the bureaucratic wasteful hands of government and left with those to whom it properly belongs, so that it can be spent into the economy where it will sustain and create businesses and jobs.
The Conservatives are finally beginning to say the right things - not enough to attract disaffected activists like myself back (and not while Cameron is leader), but it's a step in the right direction.
In all my time in the party I never heard anybody say we must have tax cuts to "benefit the rich" (though why we would want to penalise them is a notion I've never understood). Keeping wealth circulating in the real industrial and commercial economy is to the benefit of everybody. Let more people become "rich" (if we must use that word) and they will pay more tax anyway.
The beneficiaries of the inheritance have not paid tax on the income, although their parents may have. I say may because this wealth may have been either generated in another country, saved in an off-shore tax have, passed down from generations.
Of course no Conservative is going to say they are 'giving tax cuts to the rich'. Instead they argue an economic theory that states that the more rich people there are the more this helps stimulates economic growth e.g. the Trickle down effect.
You talk about keeping the money circulating, but what do you think happens to taxes? In reality it is spent in what you stereotype as bureaucracies. These organizations which provide a wealth of functions for society employ people who in turn pay taxes.
I'm sorry but if you have been given £300,000 simply because your parents are well off then you can afford to redistribute some into system's and organizations that employ people in the public sector whilst providing services that you will benefit from.
Only a small percent of the population has to pay this tax, a really benefit that would help the majority of working people would be to raise the individual tax allowance. This would also make it more profitable for those on benefits to start working which would in turn reduce the tax burden on the rest of us.
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| Denise |
Posted - 18/08/2007 : 10:02:54
quote:
Originally posted by Tombstone Blues
Tax cuts for the rich . . .good old tories, same old song.
The bulk of those falling into the inheritance tax trap over the past few years can hardly be described as "rich" TB.
This is money best kept out of the bureaucratic wasteful hands of government and left with those to whom it properly belongs, so that it can be spent into the economy where it will sustain and create businesses and jobs.
The Conservatives are finally beginning to say the right things - not enough to attract disaffected activists like myself back (and not while Cameron is leader), but it's a step in the right direction.
In all my time in the party I never heard anybody say we must have tax cuts to "benefit the rich" (though why we would want to penalise them is a notion I've never understood). Keeping wealth circulating in the real industrial and commercial economy is to the benefit of everybody. Let more people become "rich" (if we must use that word) and they will pay more tax anyway. |
| Daveb |
Posted - 17/08/2007 : 22:29:18
If you have paid tax on everything you have earnt, everything you have bought for your family when alive, why should you pay tax on it again when you are dead?
Nothing better than grave robbing by another name.
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| Tombstone Blues |
Posted - 17/08/2007 : 11:26:36
Tax cuts for the rich . . .good old tories, same old song. |
