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I don’t disagree, but one of the benefits of making the levels the same across each type is it removes many of the incentives to disguise one type of income as another. I expect if inheritance was taxed higher than income then a bunch of schemes would appear with the effect that large inheritances would start being manipulated into structures that allowed the beneficiaries to end up taking the value as income
(I don’t know how, but I’m sure some enterprising type will figure out the details)
duncs-
(I don’t know how, but I’m sure some enterprising type will figure out the details)
Quite right. I’m just the chancellor in this scenario, the civil servants will sort the details and shut the loopholes.
The bloke who lives at the end of my road has 100 or so houses and about 3,000 acres I think and hasn’t had to worry about giving 40% to the tax man over the last 300 years that they’ve been handing it all down.
Hefty
I feel like CGT and inheritance tax should be higher than income tax. Like, if you worked to earn it you should pay less tax than if you just got it for free.