London Swarmed By Farmers On Tractors

@Ghost-of-a-Duke said
Even my AI friend can answer that one:

'Inheritance tax (IHT) is considered a "good idea" by its proponents primarily because it promotes fairness and social mobility by preventing excessive, unearned wealth accumulation across generations, and because it provides significant revenue for public services.'

Wow.
That you would defend that is disgusting.
"Your parents died, now give us money to give to other people".

@Cliff-Mashburn said
Wow.
That you would defend that is disgusting.
"Your parents died, now give us money to give to other people".

More like:

"You're getting money you did not work for - you're going to have to pay taxes on it."

@no1marauder said
More like:

"You're getting money you did not work for - you're going to have to pay taxes on it."

Farm kids work hard and start helping around the farm at an early age.
They don't come home from school and watch TV like you did.
They deserve to keep every penny they get when their parents pass on.

@Cliff-Mashburn said
Farm kids work hard and start helping around the farm at an early age.
They don't come home from school and watch TV like you did.
They deserve to keep every penny they get when their parents pass on.

"farm kids" lol. Are they like the children of the corn?

@Cliff-Mashburn said
Farm kids work hard and start helping around the farm at an early age.
They don't come home from school and watch TV like you did.
They deserve to keep every penny they get when their parents pass on.

Let's start with the assumption that someone has to pay something in taxes.

Why is it more fair for the people who earned money to pay than those who inherited it?

I'm not begrudging those who do inherit. It's their money; none of my business.

But it's not unfair for them to pay the *same* level of taxation as when people earn money at work.

@Cliff-Mashburn said
Farm kids work hard and start helping around the farm at an early age.
They don't come home from school and watch TV like you did.
They deserve to keep every penny they get when their parents pass on.

===They deserve to keep every penny they get when their parents pass on.===

If their parents hired them to work and paid them, that's taxable income (I'm not talking about buying them a coke or a toy car when they're 7; I'm talking about a real job with a real salary).

Why is it less fair for an inheritance, even if it is earned, to be taxable income?

@sh76 said
Let's start with the assumption that someone has to pay something in taxes.

Why is it more fair for the people who earned money to pay than those who inherited it?

I'm not begrudging those who do inherit. It's their money; none of my business.

But it's not unfair for them to pay the *same* level of taxation as when people earn money at work.

People who inherit homes, etc when their parents die also work and pay taxes.
I see no justification for the government to be ghouls and demand a piece of what their parents leave them. Parents have already paid taxes on it ....
They tax how much you earn, then they tax how much you spend, then they tax you every year on what you own, and then they want money when you inherit something, and you don't see the problem?
"Sorry you mom died, now give us some of her money".
You don't think that's wrong?

@sh76 said
===They deserve to keep every penny they get when their parents pass on.===

If their parents hired them to work and paid them, that's taxable income (I'm not talking about buying them a coke or a toy car when they're 7; I'm talking about a real job with a real salary).

Why is it less fair for an inheritance, even if it is earned, to be taxable income?

Yes, it's typical for farm kids to continue to work on the farm until their parents die and they inherit, not just helping around when they are 10 years old.
Working on a farm seems like a real job to me, ever been on a farm/ranch?
Why is it unfair for an inheritance to be taxed?
If you have to ask, then you are hopeless.

@Cliff-Mashburn said
People who inherit homes, etc when their parents die also work and pay taxes.
I see no justification for the government to be ghouls and demand a piece of what their parents leave them. Parents have already paid taxes on it ....
They tax how much you earn, then they tax how much you spend, then they tax you every year on what you own, and then they want money when ...[text shortened]... ee the problem?
"Sorry you mom died, now give us some of her money".
You don't think that's wrong?

It's not "her money" anymore, it's your money that you are getting without working for it.

I could see exempting up to a reasonable amount as not worth the bother, but $3 million or the UK equivalent?

@Cliff-Mashburn said
Wow.
That you would defend that is disgusting.
"Your parents died, now give us money to give to other people".

Most people don't pay inheritance tax you doughnut.

@Ghost-of-a-Duke said
Most people don't pay inheritance tax you doughnut.

Yes but in England, starting in April, for farms valued at over 1 million pounds, a 20% tax on it's value over that is being invoked, that's what the farmers are mad about....Any large farm will exceed that. Got land worth 3 million? The govt will want 400 thousand dollars....

@Ghost-of-a-Duke said
Cliff will pretend he didn't see this post.

Narrator: "Cliff indeed pretended not to see that post"

@Zahlanzi said
Narrator: "Cliff indeed pretended not to see that post"

I'm sure he just missed it. - I'll post it again for him:

'
Typically affects inheritance over GBP3,000,000

At HALF the normal inheritance tax rate.

Payable over 10 years with NO ACCRUED INTEREST

Poor, poor farmers.

@Cliff-Mashburn said
People who inherit homes, etc when their parents die also work and pay taxes.
I see no justification for the government to be ghouls and demand a piece of what their parents leave them. Parents have already paid taxes on it ....
They tax how much you earn, then they tax how much you spend, then they tax you every year on what you own, and then they want money when ...[text shortened]... ee the problem?
"Sorry you mom died, now give us some of her money".
You don't think that's wrong?

Money is taxed basically whenever it changes hands in the stream of commerce. Why can't it also be taxed when it changes hands in the stream of gifting or inheritances?

Sure, a common sense exclusion amount makes sense so that you don't have to worry about taxes on Christmas presents, but why should that be unlimited?

If someone buys the company I built for $10,000,000, that's taxable income. But if I gift that same company to someone, it's not. Where's the logic in that?

@Ghost-of-a-Duke said
I'm sure he just missed it. - I'll post it again for him:

'
Typically affects inheritance over GBP3,000,000

At HALF the normal inheritance tax rate.

Payable over 10 years with NO ACCRUED INTEREST

Poor, poor farmers.

I'll say it again.
Parliament passed a new law..
Starting in April, for farms valued at over 1 million pounds, a 20% tax on the value over that is being invoked, that's what the farmers are mad about....Any large farm will exceed that. Got land worth 3 million? The govt will want 400 thousand pounds.
40k a year for ten years is a lot to a farmer trying to keep their head above water.