Cliff Taylor: Inheritance tax is not ‘punitive’ or ‘grave robbery’. There’s no good argument for cutting it
by Character_Common8881
Cliff Taylor: Inheritance tax is not ‘punitive’ or ‘grave robbery’. There’s no good argument for cutting it
by Character_Common8881
18 comments
1) It hasn’t been indexed for inflation.
The Isle of Man is calling.
Can’t read the article but going from the headline alone Cliff Taylor is a prick
All tax in Ireland is robbery as you literally get no housing, no good healthcare no good public transportation, no working public services for it … they just take the money and give it to folks on the dole or to the elderly as pension.
Summary for the paywalled people, thanks to ChatGPT.
*Ireland’s inheritance tax is likely to be cut in the upcoming budget, with a probable increase in tax-free thresholds. This would weaken one of the country’s few wealth taxes, even though experts warn that Ireland needs to raise, not lower, taxes on wealth over the next decade. Despite most people supporting wealth taxes in theory, inheritance tax is unpopular, with many viewing it as “double taxation” or unfairly punitive. As corporate tax revenues surge, political parties see an opportunity to reduce inheritance taxes, appealing to voters ahead of the next election. However, this move might benefit only a minority while leaving the younger generation to face future tax hikes to cover public spending needs.*
People with the kind of money a supposed “wealth” tax is intended to fleece can afford much cheaper ways around it so they dont lose out on their family funds. This shit just affects middle class and lower people who cant afford to pay the tax on what they get because usually all it is is a house and if they need it but cant pay they have to sell likely still cant afford a place and slowly lose the cash to our insane rents. Inheritance taxes should be abolished or massively lowered.
It’s taking income that was already ready taxed. It’s robbing the tax payer twice.
Increase the rate of CAT.
It’s the definition of unearned income and decrease taxes on actual workers.
If someone inherits a 800,000 euro house they are in the top deciles of wealth and have done nothing for it
If people really wanted to avoid having an inheritance tax, another option is a meaningful wealth tax, deferrable with interest till death.
Also something to stop British tax evasion jurisdiction trusts would be nice, those cancerous little islands…
It should be payable on the net value of assets and exclude the family home if its value is less than a million euro.
This would also be an incentive for people to stay in their homes increasing the demand for houses in the affordable range and reduce the demand for high end houses.
Except that’s literally exactly what it is. And there isn’t a good argument _not_ to cut it.
The main problem with this tax, and also other supposed “wealth taxes”, like CGT, is that it’s a single flat rate that starts applying at quite a modest amount.
It disproportionately affects middle earners who have enough money to be affected by the tax, but not enough money that the tax isn’t a major issue, and certainly not enough money that they can avoid the tax.
But even then, at least it’s not as bad as deemed disposal…
JP is giving me all his money on an offshore account.
It’s extraordinarily irresponsible of FG to change the inheritance tax at a time that we have a housing disaster, volatile global economy, and windfall taxes that could evaporate. This measure is for wealthy denizens of South dublin who don’t need any more Government help to keep hold of their money.
Hey young voters, sorry so many of you have been priced out of the housing market, but we’ve decided to remove tax on inheriting your parents house, this way when they snuff it, you won’t have to sell it to pay the tax bill when you inherit it and you can live there!
But wait theres more….Remember to sign those dnr’s, we don’t want pension payments and state funded healthcare costs rattling on for months or even years now do we. That’s time that could be spent in your brand new house.
Inheritance should only come into effect on a house that has gone more than 2 generations. If a person has got a mortgage and bought a house using wages they are being taxed on, then absolutely no way should there be any tax on giving that house to their children.
Now if their children live in the house for all their lives, then they would have had no mortgage etc…so now inheritance tax can come into play and their wages can be saved up to pay for that.
Corporate taxes are not always going to be there, in fact I think they have made our governments we had complacent. A few years back there was sine polling done: less taxes or better services. Most voted for better services. I will get screwed by inheritance tax some day but I would not get screwed every day by shitty public services when there is more that can be done.
He’s right.
An amazing number of the Gen Z on this site anticipate housing costing millions by the time they retire, or something like that, and are hoping to inherit tax free.
Unless you are an only child the house will be divided. The recent increases probably benefit only a tiny percentage of the population as the average Gen X – who are inheriting now – have 2 siblings on average. So the recent hikes increased tax removed taxes on inherited houses worth from about 1M to 1.5M but it’s the “average Joe” who benefits.
Could there be a case for means testing to see whether someone would still be able to afford the inherited home after paying inheritance tax?