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Comment on Thousands of UK farmers protest against inheritance tax hike

Inheritance tax is entirly escapable by doing dodgy shell company trust arrangements across different countries. It is a tax only paid by the lower and low middle class that prevents people to build intergenerational wealths and keeps the lower classes down. The farmers shouldnt be exempt but that doesnt mean they dont have a damn fine point.

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BrikoX@lemmy.zip ⁨1⁩ ⁨month⁩ ago
Tax only applies to farms worth more than £1 million, so “lower and low middle class” are exempt.

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- tankplanker@lemmy.world ⁨1⁩ ⁨month⁩ ago
  It’s 3m of you are married and use all the allowances. Even then it’s only on the cake over that and at half the usual rate, then you get ten years to pay it back.
  
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JackGreenEarth@lemm.ee ⁨1⁩ ⁨month⁩ ago
Inheritance tax should be amended to be also paid on trusts (and stocks and shares) then. Just because it’s currently implanted badly doesn’t mean it’s a flawed concept.

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- muntedcrocodile@lemm.ee ⁨1⁩ ⁨month⁩ ago
  It can’t be done without the entire world banking system being complicit. Plus why should my wealth be taken away just cos i died.
  
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  - Zorque@lemmy.world ⁨1⁩ ⁨month⁩ ago
    … cause you died and thus aren’t using it anymore.
    
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    muntedcrocodile@lemm.ee ⁨1⁩ ⁨month⁩ ago
    Thats a very selfish view to take not the sort of opinion id like my parents to have.
    
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  - cynar@lemmy.world ⁨1⁩ ⁨month⁩ ago
    Because that leads to a snowballing effect. Money begets money. Over generations, it gets sucked into an ever smaller pool of people. This (among other things) led to serfdom etc in the Middle Ages. We only broke out of that due to the Black Death.
    
    We need a way to allow money to spread back to the general populous. An inheritance tax is a crude, but effective, way to do that.
    
    How would you go about achieving this?
    
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    muntedcrocodile@lemm.ee ⁨1⁩ ⁨month⁩ ago
    Most intergenerational wealth is lost within a few generations actually.
    
    There would be 2 things id do to fix tax
    
    Resource tax for every kg of material dug/pumped out of the ground.
    
    Land value tax based on the developed value of the land
    
    If i had global control then id do a 75% capital gains tax on all gains over 5million
    
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