Oppose Inheritance Tax - as this is a Tax on an already taxed money and property


Oppose Inheritance Tax - as this is a Tax on an already taxed money and property
The Issue
I raise this issue as Inheritance Tax is a very unfair tax and is not really a tax on the very rich people as the Govt. has made the public believe . It is urgent people read and support this petition. The Inheritance Tax is already at 40% and is likely to be increase in the budget on 30th October.
The people most affected by the Inheritance Tax are the hard working middle and lower middle income class who work hard, save throughout their life to improve their condition , have paid their due taxes and wish to pass on to their children the savings to help them make their lives better than their parents. The money, house etc has been already taxed. It is unfair to tax it again the second time. Most of the countries in the world including, America, India don’t have this tax as it is de- incentivising and prevents people from saving, improving the country’s wealth and upward socio-economic mobility. The five States in America which do have it are the poorest performing States in terms of economic success.
In simple terms it is a ‘ Robin Hood ‘ tax, as it is a second tax on the already taxed property and money. Once the money is inherited by the person then it gets taxed the 3rd time by regular tax. It is an easy way to keep people less well off by grabbing their savings, punishing people for working hard and wanting them to be dependent on the State.
The very rich do not keep their money in the country and have a battery of expensive lawyers to advise how to avoid this tax. Hence, if Inheritance tax stays it will only affect the hardworking ordinary people trying to climb up the socio-economic ladder, incentivise them not to save wealth to pass on to their children instead become dependent on the State or Govt. in old age. Also, if they transfer their house, money to the children in their lifetime they need to survive 7 years, for it not to be taxed. I believe this period is going to be changed, but the second consequence is, it forces the vulnerable old people to become dependent on their children for the money they earned to be independent in their old age.
I hope people will oppose this unfair Inheritance tax on an already taxed income. It benefits no one but simply punishes the hard working ordinary people and prevents upward socio-economic mobility of lower and middle income classes.
Please support this petition. Thank you.
6,622
The Issue
I raise this issue as Inheritance Tax is a very unfair tax and is not really a tax on the very rich people as the Govt. has made the public believe . It is urgent people read and support this petition. The Inheritance Tax is already at 40% and is likely to be increase in the budget on 30th October.
The people most affected by the Inheritance Tax are the hard working middle and lower middle income class who work hard, save throughout their life to improve their condition , have paid their due taxes and wish to pass on to their children the savings to help them make their lives better than their parents. The money, house etc has been already taxed. It is unfair to tax it again the second time. Most of the countries in the world including, America, India don’t have this tax as it is de- incentivising and prevents people from saving, improving the country’s wealth and upward socio-economic mobility. The five States in America which do have it are the poorest performing States in terms of economic success.
In simple terms it is a ‘ Robin Hood ‘ tax, as it is a second tax on the already taxed property and money. Once the money is inherited by the person then it gets taxed the 3rd time by regular tax. It is an easy way to keep people less well off by grabbing their savings, punishing people for working hard and wanting them to be dependent on the State.
The very rich do not keep their money in the country and have a battery of expensive lawyers to advise how to avoid this tax. Hence, if Inheritance tax stays it will only affect the hardworking ordinary people trying to climb up the socio-economic ladder, incentivise them not to save wealth to pass on to their children instead become dependent on the State or Govt. in old age. Also, if they transfer their house, money to the children in their lifetime they need to survive 7 years, for it not to be taxed. I believe this period is going to be changed, but the second consequence is, it forces the vulnerable old people to become dependent on their children for the money they earned to be independent in their old age.
I hope people will oppose this unfair Inheritance tax on an already taxed income. It benefits no one but simply punishes the hard working ordinary people and prevents upward socio-economic mobility of lower and middle income classes.
Please support this petition. Thank you.
6,622
Supporter Voices
Petition created on 19 September 2024