Loony Labour

[d000hg]

It's not a shock, Labour have always been pro-IHT haven't they? Whether it's nuts is a question of idealism - should money be yours when you die or not - so there are only subjective arguments based on personal viewpoints. I'm anti-IHT myself any imagine most here are also since we're largely quite right-wing.
The IHT allowance is a great idea IF you are pro-IHT as it means you can still pass money on up to quite a large amount.

Note that Tories were trying to put up IHT by another name in the probate sliding scale fees which they have dropped between Budget and GE, but are probably likely to go after.

[OwlHoot]

As with many other reliefs, IHT includes special provision for property. Whatever form property taxes take, they need to increase relative to other taxes (if not in absolute terms) and with a focus on boosting supply. ...

Boosting housing supply is absolutely futile, worse than useless in fact, if all it does is give politicians the opportunity to bus in ever more immigrants to take up the slack. We'll be back to square one with even more people deprived of houses they need and even less countryside.

This is what Labour did in the early 2000s, in a failed attempt to "lock in" a new underclass loyally obligated to them (so they hoped, and they actually admitted this), and it's what they would/will undoubtedly do again if given half a chance.

Although Labour have historically been the main culprits, Tories are far from blameless, and all have been constrained to some extent by EU policies and the ridiculous human rights treaty.

[jamesbrown]

Which would be my flesh and blood family, which I've worked myself half to death for, and on that basis I will vote Tory until the day I die.

Sure, as I said, IHT isn't the vehicle I'd choose, as it's insensitive, but the tax system massively favours property wealth as distinct from other assets and earned/unearned income, and it embeds this across generations. As with many other reliefs, IHT includes special provision for property. Whatever form property taxes take, they need to increase relative to other taxes (if not in absolute terms) and with a focus on boosting supply. The problem with stamp duty, for example, is that it reduces supply.

[_V_]

Inheritance embeds property ownership with those that stand to inherit.

Which would be my flesh and blood family, which I've worked myself half to death for, and on that basis I will vote Tory until the day I die.

[SueEllen]

Labour under Corbyn or their next leader need to come up with a radical plan that ensures more homes are actually built and not brought by non-UK residents to stand empty. That would decrease housing costs.

If they can do this then some of their other sh*t policies will be stomached.

[original PM]

All animals are equal, some more than others.

Etc

[xoggoth]

The Corbyn view on the "Bedroom Tax" for example:

Reforms to welfare policy are increasingly exacerbating the housing crisis, and causing the social cleansing of many cities. The Bedroom Tax and the ‘benefit cap’ should be scrapped.

A secure homes guarantee - Jeremy for Labour

If he had said we need exceptions, for those who could not share a bedroom for health reasons, the recently bereaved etc., I would totally agree but it's just a blanket scrapping that allows anyone to live permanently in an overlarge dwelling at the expense of the rest of us, whatever the circumstances.

That would never happen in the Soviet Union:

Any apartment deemed too large for its tenant, if the tenant was lucky enough to be allowed to remain, was forcibly shared with whoever the Housing Committee authorized to move in.

The Master and Margarita - Housing in the Soviet Union

[xoggoth]

Inheritance embeds property ownership with those that stand to inherit

True enough but is that a bad thing? It is normal human behaviour to put our own first and we are more likely to try and be successful if we know that the benefits of our success will go to those we are closest to, not dispersed among those we do not know, including many who have not, within the limits of their ability, put in the same effort.

Modern day socialism seems to place too much emphasis on the second part of Marx's mantra "To each according to his needs" and largely ignores the first "From each according to his ability" Corbyn talks about giving all people basic rights but, as far as I can find, never mentions proper controls on welfare, subsidised housing etc. to ensure that the recipients are doing what they reasonably can for themselves and that the taxpayer is not unfairly burdened.

[jamesbrown]

This is the next generation that is going to be cut out at a time when more and more are finding it difficult to get on the property ladder, especially in the South where property is most unaffordable.

Or, to put it differently, there will be less money from inheritance to be plowed back into property (because the demand exists). IHT is not the vehicle I would choose, but property is a circular economy, and it probably isn't taxed heavily enough vs. other forms of unearned income and all forms of income. I wouldn't be against eliminating the PPR relief within the CGT system, for example. Low taxes, sure, but appropriately directed ones too. Inheritance embeds property ownership with those that stand to inherit. A hypothecated tax on property need not be a large one if well-directed, i.e. a tax that is invested into increasing supply, in order to offset any supply-side effects of increased taxation that you might otherwise expect (e.g. stamp duty). There are many ways of dealing with this.

[SueEllen]

Most people don't pay inheritance tax on their estate.

Where Corbyn fails is saying he's going to tax those earning over 70K more as they are rich.

Until he ensures housing supply is increased and people who aren't resident e.g. Chinese, Russians and those who are money laundering e.g. Chinese, Russians, African dictators can't buy property here then that idea won't work.

[xoggoth]

Enough damn tax . We pay tax when we earn money, tax again when we spend it, tax again when we pass it on. Corbyn is, like all more extreme socialists, a deluded idealist who never grasps the realities.

I am not a committed capitalist and was never a Thatcher fan. There are plus sides to a more equal society and too much wealth in our own is more about privilege, the advantages that wealth can buy, than about merit. However, socialism of the sort Corbyn advocates is destructive of incentive and simply results in a the really able giving up, going elsewhere or pursuing their ambitions within an increasingly corrupt government. Plenty of examples in history, why will some people never learn from it?

Good article here says it all:

Venezuela is collapsing into socialist induced chaos, yet it remains a Corbynista poster child.
The Venezuelan regime’s decision to unleash paramilitary groups on opposition protestors has revealed to the world yet again the moral bankruptcy of socialism. It also shows Jeremy Corbyn’s utter hypocrisy; he parrots on about universal human rights but is not prepared to speak out against the thugs who run Venezuela, a nation of almost 32 million people.

Venezuela is collapsing into socialist induced chaos, yet it remains a Corbynista poster child

[OwlHoot]

... Corbyn's idea to raise inheritance tax is nuts. ...

It may seem nuts, but that's deceptive.

In fact, it's all part of Corbyn's crafty strategy to ensure he wins practically no seats.

(There was a danger the number of Labour seats might be into double figures, but raising inheritance tax will avoid that.)

[xoggoth]

Raising inheritance tax.

It's only in the Express so somewhat dubious if it's true but, assuming it is, Corbyn's idea to raise inheritance tax is nuts.

Labour SHOCK plan: Inheritance tax to be INCREASED for thousands of British families | Politics | News | Express.co.uk

This is the next generation that is going to be cut out at a time when more and more are finding it difficult to get on the property ladder, especially in the South where property is most unaffordable.