• 0 Posts
  • 4 Comments
Joined 3 years ago
cake
Cake day: June 14th, 2023

help-circle
  • The article is about the US, so doesn’t mention the UK. But to quote the article “Loopholes benefiting the very wealthy should certainly be closed. The biggest problem in the American tax system is at the very top. The resetting of the basis for capital-gains tax upon death allows billionaires who hold on to assets, borrowing against them to fund spending, to avoid the levy entirely. The dodge is outrageous. Yet ending it would yield only a tiny amount of money, probably less than 0.1% of GDP annually. The same goes for raising inheritance tax, a good tax that has never generated much money.” I suspect the same in the UK.

    The key point remains reasonable though - you can do all that but you just don’t raise enough money to meet people’s expectations