Many people have a problem with inequality in society. One of the major reasons that they cite it an uneven distribution of wealth.
It does seem unfair that some people can live in comfort and riches because their parents, grandparents or great grandparents (etc) were clever/industrious/lucky/hardworking.
It also seems unfair that people who work hard now have so much of the fruits of their labour taken away and given to others.
One solution is lower income taxes and higher inheritance taxes.
I know this poses a problem for people with family farms and family businesses so how about a 60% inheritance tax with a 1.5% reduction for each year that the beneficiary has worked in the business/ on the farm with a maximum reduction of 40% (a minimum payment of 20%)?
There should be no exemption levels for family homes etc. In effect the state takes less from you when you are alive but in effect it is just deferring the balance ‘till you die.
That way we get a much more even playing field for society without dis-incentivising hard work in fact it is encouraged because people know that they will be retain the fruits of their labour while they are alive and their children know that they won’t get a free ride in life.
Would this work?
It does seem unfair that some people can live in comfort and riches because their parents, grandparents or great grandparents (etc) were clever/industrious/lucky/hardworking.
It also seems unfair that people who work hard now have so much of the fruits of their labour taken away and given to others.
One solution is lower income taxes and higher inheritance taxes.
I know this poses a problem for people with family farms and family businesses so how about a 60% inheritance tax with a 1.5% reduction for each year that the beneficiary has worked in the business/ on the farm with a maximum reduction of 40% (a minimum payment of 20%)?
There should be no exemption levels for family homes etc. In effect the state takes less from you when you are alive but in effect it is just deferring the balance ‘till you die.
That way we get a much more even playing field for society without dis-incentivising hard work in fact it is encouraged because people know that they will be retain the fruits of their labour while they are alive and their children know that they won’t get a free ride in life.
Would this work?