|>>|| No. 69249
Some time ago I came up with the idea of abolishing or massively reducing most of the taxes collected by the government with the exception of one tax, inheritance tax, which I advocated being raised to 100% with no exemptions or minimum threshold. I posted the idea online (it might have been here) and was ridiculed.
Now I am back, having investigated the matter thoroughly and done a lot of number-crunching and I am here to make the case again. Although the primary motivation for my argument is a moral one, the numbers themselves actually do make sense and we would see a net gain to the tax revenue collected each year.
The plan is simple: Close all loopholes regarding inheritance tax, then raise it to 100% but allow people who jointly own a property to have first-refusal on purchasing it back from the government in the event of the other owner's death (providing they have the money or can get a mortgage). This would apply to any and all possessions including personal chattels meaning you will have to pay the government a few grand to keep your telly, furniture and the like if your wife dies.
Why is this a good idea?
1. It completely and permanently removes every single living person from the tax system forever, freeing them up to do what they please with 100% of the money they earn. Whether you think this is a good thing because you believe people should own the fruits of their own labour or you think it's a good thing because it incentivises people to earn money there is not really anywhere you can sit on the political spectrum and disagree with this.
2. It encourages wealthy individuals from all across the world to base themselves in Britain, creating employment opportunities and of course giving our treasury a shit ton of money when they die. Everybody dies and it's not the sort of thing you can really keep quiet so there's not really any way for people to evade it. If every billionaire on Earth moves significant assets here due to the fact that they don't have to pay any tax we will be drowning in money forever.
3. Morally there is no way to justify someone owning what they did not earn. As with point 1, wherever one sits on the political spectrum they at least pretend to agree with this. Even the die-hard supercapitalists who want to create a libertarian free-market utopia claim that their ideology is based upon wanting people to make their own way in the world and not "rely on others for hand-outs".
Just imagine the paradise we would live in. No income tax, no VAT, no looking over your shoulder to see if the taxman is watching you, but all without having to make even a single cut to any public service. Absolute heaven and it's achievable right now, today, here in Britain in 2016. Why isn't anyone making this happen?