How is this allowed

How does the state steal 40% of your assets upon death and get away with it?

We are living in a nightmare

because bitcoin hadnt been invented yet

>40%

In spain we have some regions that take 80% 90%

>tfw no inheritance tax
>tfw nothing to inherit

whats the point of even living and having kids? this is just communism

Without an inheritance tax how do you avoid the children of rich people being able to invest what they have and automatically beat out the poor ones regardless of merit (and then pass the even more concentrated wealth onto the next generation)?

I agree that there's something equally wrong with taking away family assets like a home or farm or business or whatever, but does there not need to be at least something to keep the playing field relatively level between the children of the rich and poor?

>Without an inheritance tax how do you avoid the children of rich people being able to invest what they have and automatically beat out the poor ones regardless of merit
Why would you want to?

o no its much worse

at those rates people cant pay it and end up declining all and

>Your mom had 4 houses? pay 200$ cash
>bu bu those houses not worh it
>np i take it for you, im the goverment i will protect you

>why would you not want the mediocre children of rich people gobbling up all the opportunities for talented children from shitty backgrounds
>meritocracy is bad
Parents should get to give their kids the best upbringing they possibly can, but once they turn the finished product loose into the world there shouldn't be any advantage gained by having the right parents.

Because the person already paid taxes on it, you dumb limey fuck. Why should it be taxed again?

Who fucking cares tbhfamalam

You're taxing the inheritor getting free stuff, not the dead person. The inheritor didn't pay any taxes on it and besides being lucky enough to be featured in the will they didn't really do anything to earn it.

The jews use their jewjitsu to establish funds and other financial wizardry to bypass it anyway

How does it affect me that someone else has more money when they're born? I literally don't fucking care. Stop being a commie.

You're a dumb shit commie. The person who made that wealth paid taxes on it, End of story

#This is true and there is nothing to add.

Most of the funds are with the bank and in IRA's. When your parent dies, the bank will come to you and say, do you want to continue the IRA or do you want to take the money out?

You say, I'd like to roll that IRA into my name, thank you Bank.

Bank goes, yes, I will do that.

Tax man gets nothing.

>Why should it be taxed again?

How can you be taxed on something when you're dead? I don't think you realise how IT works

Inheritance tax is a necessary part of democracy. Allowing wealth to be hoarded by family creates a defacto gentry.

It's better to pay taxes when you're dead than when you're alive

Give me your money

>I made money
>I paid my taxes on this money
>I leave my legal money that I paid taxes on to my family
>The state decides they want to take more taxes because I died

This, why do niggers always want a hand in my pocket?

> r>g!
> r>g!
> r>g!

The problem with inheritance tax, aside from it being daylight robbery, is that the people that it is designed to hit (me) aren't bothered at all by it, because we have various arrangements and legal ways of avoiding paying it. I paid the minimum required inheritance tax and that was that.

The people it does hurt are the upper middle classes downward. They don't have the option to move money around, nor do they have possessions that are exempt. They have a new build house in an area with lots of other readily available price figures. They've often had to fork out for private care for the deceased relative, too. A family inheriting a house inside Greater London on a regular street will then be eligible to pay income tax that they simply can't afford.

Inside the minds of idiots (the entire Labour party) it ruins people such as myself who inherited a good chunk of Gloucestershire, Kenya, North Yorkshire and a small island but in reality it just hurts the aspirant professional classes. You aren't stopping me from passing down wealth that has been held by family since the Norman Conquest, you're just pissing on Hugo and Henrietta's chips and making their lives a misery after they lost grandma.

Redpill Alert: further proof we need to reject big government and materialism. Until we can truly be free from tax (modern day word for Usury) we should only rely on spiritual wealth.

...

Inheritance tax doesn't affect the rich. It hurts the middle class only, the super wealthy hire tax lawyers and transfer assets offshore and avoid huge portions. The normal guy who made the right decisions in life and has been pretty successful is getting fucked. You think the death tax is to help the poor fight the rich but it's actually the other way round.

>Spend entire life making money, because society forces me to do so to survive
>Get taxed on every dollar earned
>When I try to spend this money that I've already paid taxes on, I get taxed again
>When I die whatever is left gets a big old tax again

After the Second World war, death duties crippled the minor aristocratic families of England and Scotland. All that happened was that the state got a small amount of money, that they promptly squandered, and the rest of us shuffled what we could abroad.

Really, you're hurting people with professions and salaries - plus a few of the honest sorts who think paying more than the minimum required puts them in good stead. Anyone with real assets gets around it.

Karen put down the gun we can talk this out

And that's post-game monies to boot. So it's punishment for being responsible and productive instead of being a welfare parasite.

Like you'll ever have an estate worth more than £325,000.

If they eliminate the death tax they'll just increase the tax rate you pay while you're alive to compensate for the loss of revenue

>he pays taxes
if you're not making substantially more than enough to survive and pay taxes, you're doing it wrong

Why on earth should the field be level? If I work my whole life to ensure my offspring will be more likely to reproduce and have plenty of resources to spread my genetic legacy, why the FUCK should they be held back so the poor have a fair chance? They already get welfare for fucks sake.

One of the primary reasons people aim to accumulate wealth is to secure a comfortable future for their offspring. Why would you want to eliminate that incentive?

If the poor kids are truly of higher merit then the free market ensures that companies hiring the rich kids will become uncompetitive. Same argument as the wage gap.

That's roughly the average house price in the country. You could, at a stretch, buy a semi-detached house somewhere in the North for a quarter of a million.

This is what I'm driving at. £325,000 in assets is probably an average for people who have worked 40 years. It's not a lot of money at all.

>mfw just starting to hit the 40% income tax bracket

>implying it's your money being taxed and not the inheritors

It's their money, pinko fuck

>tfw posting from £4m london home

>being somewhat opposed to people getting free shit with no strings attached is being a commie

>How does it affect me that someone else has more money when they're born? I literally don't fucking care.
>job market gets hooked on asking for connections and extensive work experience which in prestigious vocations is only available from unpaid internships in absurdly expensive cities that only wealthy people can afford to do
>young people from normal backgrounds are worn to the bone by debt/rent slavery just to avoid homelessness while anyone who inherits a house has vastly reduced expenses or can even rent it out for free money if they don't want to live in it
>can start a business at will while others can't without having to jump through hoops to be enslaved by a bank or owned by an investor

This is true, and one of the main reasons I'm still not in favour a massive inheritance tax without adequately addressing that issue first.

If you die with squiggly l 350,000 in assets, you're only paying squiggly l 10,000 in estate tax, a 2.8% effective tax rate.

Get an accountant. Even a regular one can end up saving you a fortune. If you come into any sort of taxable asset or large sum of money, speak to a wealth management firm on top of that.

Far too many people think that the government's rules are set in stone and you must abide by them, and that tax avoidance is something for billionaires. It isn't. You could feasibly save thousands of pounds a year.

I'm aware. I'm simply pointing out that the majority of people inheriting a regular house in this country will be required to pay that tax.

So should no one be able to leave anything to their kids? When you die does the state confiscate everything and redistribute it to the needy?

If you're pro inheritances you're anti meritocracy just saying

And i bet mine is still bigger :^)

Can't argue with that tbqh

I'm pretty sure my parents' assets are worth far more than £325k, and we live in a fairly average house.

It's an absolute disgrace.

God will be punishing 99%+ of politicians in eternal hellfire. He deals in perfect justice.

If you live in Cornwall, and forget to make a will, regardless if you have kids who your assets should go to, Prince Charles gets 100% of your estate

This would mean you suck at planning as you could pass your assets to your kin through a trust and avoid most death taxes.

>I can't teach my kid to get rich so I have to literally give them a free handout

Yeah and who owns a detached house in Britain, only the upper class the majority of you fuckers rent a flat in a council estate paid for with bennies

>poor and middle class people ITT arguing for the rich to have more money

free shilling, how sad

Im not defending the tax you melt, i'm just pointing out that everyone thinks you're being taxed when you die rather than a different form of income tax

Ah but you didn't pay the estate tax on it.

You wouldn't understand. It's a white country thing.

I don't think you shouldn't be able to secure a good foundation for your kids' lives, but above a certain threshold (could be £325k is too low) then you've given them a good chance in life, and much more than that is just letting them life off your accomplishments without ever having to work for their own.

Fuck inheritance tax.

The rich rarely pay a penny of it, they side step it through trust funds and tax havens.

But if you're a successful, hard working middle class professional who lucked out? Well, you're rich enough to get fucked by the government but too poor to fuck the government.

Only people in the middle seem to be affected by inheritance tax. Politicians are disincentivised from closing the loop holes for the rich because then their parties would get fewer donations.

>retarded self-hating degenerate millennial leaf does not understand the concept of dynasty

I'm shocked

More like a Mugabe thing.

>free handouts must only come from the state!
Kill yourself statist.

Not sure if you noticed but we killed all of our kings or took away their power. Strange how Sup Forums wants to go back to that.

I would have inherited some of that, too, if it weren't for those meddling Communists and that wog

It's only above a certain threshold. Anyone who disagrees with the estate tax is a groveling monarchist who deserves the guillotine.

You realize that it starts at 5 million dollars in the US once all things are considered right? Not sure about britbong land, but a 5 million dollar estate literally puts you in the leisure rich class in the US. You can never work another day of your life and make more off the interest than the top 1% of wage earners.

Money is a direct mirror of your contribution to society. If your contribution is sufficiently large for several people to live off, then what gives the state the right to decide you can't share it with your kids? You've already contributed enough for them, else you wouldn't have the money.

they want to take the things your parents left you after their death

theyve gone too far

>killed all of our kings or took away their power
and we gave it to thieves
awesome

If you were able to get rich, why can't your kids follow your same path and get rich? Are you afraid of a little fair competition?

>How does the state steal 40% of your assets upon death and get away with it?
Or you could simply pass down the house to your kids before dying.

>implying they weren't thieves as well

Not an argument. What gives the state the right to confiscate money that I worked for and has already been taxed multiple times?

Simple. Pay your taxes or go to prison.

You still have to pay property tax, faggot.

Again, die commie faggot

So? You still have to pay the estate tax when you die.

oh, then i guess we should be extremely thankful to the jewish bankers for all their contributions to society

Doesn't work. There are many ways, but that way isn't one of them.

It's not about "getting rich". That doesn't mean anything. It's about tradition and keeping hold of what is yours. For some it's a birthright.

>kings
>thieves
the country was their property... how are you suposed to steal from yourself?
also democracy feeds one politician per hundred of population, while under a monarchy the entirety of a country feeds only a family

>If you were able to get rich, why can't your kids follow your same path and get rich?

Are you retarded? There's plenty of reasons. Entire industries might have fallen in the course of a single lifetime. A fortune made in railroads in the 1800s is worthless in the 1900s.

Fuck off statist.

inheritence is the greatest poverty eliminator there is.

Why does the state want to take a large chunk of a persons inheritance and make them wards of the state?

You shouldn't have to.

>the threat of force gives one the right to confiscate wealth
By that logic the right to steal your wallet originates from the fact that I have a gun.

The only thing the state should facilitate is helicopter rides for fucking commies

What gives your kids the right to get so much unearned free shit that they never have to work for a living?

I wonder whether Jews are mysteriously exempt from this tax.

Even though I'm a wage cuck right now I'll be a billionaire some day why should I care about you middle class peasants when I'm going to be in the top 0.1% ??

Unironically yes.

>does there not need to be at least something to keep the playing field relatively level between the children of the rich and poor?
No

This. UK tax code is over 17000 pages. If you think there are no loopholes in there or ways to simply reduce tax a bit you're a retard.

It is my money. What I do with it is therefore my decision.

>Doesn't work. There are many ways, but that way isn't one of them.
Yes it does. You can sell the house to your kid if you want.
Stocks and what not can all be transferred. As for liquid assets (hard cash), they can be withdrawn from the bank and kept in a safe at the bank.

The argument is that the state is not confiscating the money from you. They are confiscating it form your heirs.

Honestly, the estate tax is just a laughably generous income tax on inherited wealth. $5M threshold in the US.

It's literally a tax on leisure class tier money. Even with the untaxed portion, you would have 3 kids in the 1% of income earners in the US with just the interest on that money. That's with them being literal degenerate Neet faggots.

Tradition is a bullshit reason, if you want a free ride then earn it.

>Only 325,000 exemption

Is there also an exemption for personal homes like in the US?

It all boils down to what I outlined in They genuinely believe they're putting one up me. They're not, they never have and they never will. What they are doing is ruining the lives of people that are no different to themselves, aside from having a better work ethic.

It's malice and jealousy, really. They're too stupid to see what actually happens and too cruel to stop it. It doesn't matter a damn that they screw over the "hard working" people they keep going on about in their speeches, the mere sentiment of trying to take from people like me keeps them going.

Who gives a fuck? All it does it take a lot of well used money out of the economy.

Maybe the government should stop sending billions to third world countries and worthless contractors. Then it perhaps would not have to raid pensions and steal inheritance.

Inheritance Tax should be 100%