The Jeremy Corbyn thread

[Moshe Gariani]

I assume that in your will, you will make provision for the State to inherit and not your children, as your money will be unearned() and due to house price inflation.

Yes, of course, that is an entirely realistic assumption.

What I sincerely hope is that no such unilateral altruism is necessary because the government of the day, voted for by me, has put in place a sensible and fair IHT policy. One that seeks to redistribute wealth and to actually deliver on rhetoric about greater equality of opportunity for my son's generation.

 

[Triggaaar]

Please can someone explain to me how it can possibly be socially just for so much wealth to be stored and passed down family lines? Especially when the vast majority of that wealth is unearned and exists only as a result of privilege and house price inflation?

While there will be people who haven't done anything to acquire their wealth, I'm sure many people work hard to get where they are, and have already paid tax on their earnings.

People who work hard, earn money, create jobs etc should enjoy the fruits of their success while they are alive.

And if they're unlucky enough to die young, their money should go to the government, and their children who have been unlucky enough to lose their parents at a young age, should get nothing?

Part of the reason people continue to work hard (and pay tax) in later life is because they want to provide for their offspring. If they can't pass money on, they might as well quit work early and pay less tax.

 

[Triggaaar]

I assume that in your will, you will make provision for the State to inherit and not your children, as your money will be unearned() and due to house price inflation.

Reminds me of a discussion with a couple of lefties in the late 80s / early 90s.
'You can pay 60% tax if you want, just donate to the government'
'Oh no, I wouldn't while it's a Tory government, I'd only pay 60% to a Labour government as they'd distribute it fairly'.

Well Labour eventually got in, but obviously the lefties never paid the 60%. I can't imagine any lefties here handing over inheritance to the government in the interests of fairness either.

 

[vegster]

OK but surely that sort of person is hugely in the minority in the grand scheme of things? There are no perfect systems.


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If you don't pay death duties on your estate of say £500,000 then fair do's but when the Duke of Westminster's estate,worth £8.3 B avoids death duties ..... at this point it is worth remembering how say , £10,000 pa can fund some incredible support services for various health and social problems

 

[Triggaaar]

Fair do's for people like yourself but.....http://www.telegraph.co.uk/tax/inhe...how-the-dukes-of-westminster-avoid-it-on-the/

But that's hardly a run of the mill example is it? I imagine many of the Tories here balk at some of the tax avoidance by the rich.

 

[Hastings gull]

Yes, of course, that is an entirely realistic assumption.

What I sincerely hope is that no such unilateral altruism is necessary because the government of the day, voted for by me, has put in place a sensible and fair IHT policy. One that seeks to redistribute wealth and to actually deliver on rhetoric about greater equality of opportunity for my son's generation.

Have I read this properly? you will be handing your property over to the State? So how are they going to redistribute wealth? And how fair would this be? Would my legacy be taxed to the hilt to hand to someone else, who may or may not deserve it? The simple solution, if you know this is going to happen, is "blow it" and or hand it over throughout your life to your children, and they "store" it for you, or just not bother, if you know what you earn is going to someone else. People work for themselves and their families - get used to it. Life is simply not like as you imagine it to be.

 

[Hastings gull]

Reminds me of a discussion with a couple of lefties in the late 80s / early 90s.
'You can pay 60% tax if you want, just donate to the government'
'Oh no, I wouldn't while it's a Tory government, I'd only pay 60% to a Labour government as they'd distribute it fairly'.

Well Labour eventually got in, but obviously the lefties never paid the 60%. I can't imagine any lefties here handing over inheritance to the government in the interests of fairness either.

Absolutely. It is just another case of using the anonymity of the internet to make themselves look good, rather like all those nice people who said they would take in immigrants. I have never heard of anyone leaving their legacy to the state voluntarily and thus ignoring their family.

 

[Hampster Gull]

The state takes more than enough tax. If it valued money like family businesses the tax rate would be significantly lower. The fact is non accountable cival servants dont give a damn about the hard earned money we are told to hand over. The waste is incredible. And the state is too big. We need to look after those who cant help themselves of course and my comments arent directed at that.

 

[Tom Bombadil]

The state takes more than enough tax. If it valued money like family businesses the tax rate would be significantly lower. The fact is non accountable cival servants dont give a damn about the hard earned money we are told to hand over. The waste is incredible. And the state is too big. We need to look after those who cant help themselves of course and my comments arent directed at that.

Absolute ****ing nonsense. I've worked in the private sector and the waste in companies big and small is eye watering.

 

[Hampster Gull]

Absolute ****ing nonsense. I've worked in the private sector and the waste in companies big and small is eye watering.

Ok, our experiences of business are different. But the state is bloated and inefficient and we pay for it. Only two certainties, death and taxed too much and spent poorly

 

[Herr Tubthumper]

Absolute ****ing nonsense. I've worked in the private sector and the waste in companies big and small is eye watering.

I'd agree with this. My main client is a huge blue-chip, it's a very wealthy business and at times the waste is staggering.

 

[Hampster Gull]

I'd agree with this. My main client is a huge blue-chip, it's a very wealthy business and at times the waste is staggering.

My OP said family businesses

 

[Herr Tubthumper]

My OP said family businesses

So, the state is somewhere between a frugal family business and a bloated wasteful blue-chip? That sounds okay to me.

 

[alfredmizen]

So, the state is somewhere between a frugal family business and a bloated wasteful blue-chip? That sounds okay to me.

What in the name of all that's holy is a party animal such as your good self doing on NSC on a FRIDAY night ?

 

[Hampster Gull]

So, the state is somewhere between a frugal family business and a bloated wasteful blue-chip? That sounds okay to me.

If you say so. Spending 43% of everything that our society produces is nanny state stuff.

 

[Herr Tubthumper]

What in the name of all that's holy is a party animal such as your good self doing on NSC on a FRIDAY night ?

At my age I need to pace myself a bit.

 

[Soulman]

What in the name of all that's holy is a party animal such as your good self doing on NSC on a FRIDAY night ?

Poking his nose into UK affairs as per i reckon

 

[Hampster Gull]

What in the name of all that's holy is a party animal such as your good self doing on NSC on a FRIDAY night ?

Possibly watching the Chelsea match. You?

 

[Herr Tubthumper]

If you say so. Spending 43% of everything that our society produces is nanny state stuff.

The state isn't perfect but big business is as wasteful...it's just in different ways. And it is probably allowed a lot more slack as its not seen as "our" money that's being wasted. But it often is our money just not direct tax

 

[Herr Tubthumper]

Poking his nose into UK affairs as per i reckon

My knowledge and experience would be wasted if I kept it to myself.