Why inheritance is the dirty secret of the middle classes – harder to talk about than sex

Murph85

https://www.theguardian.com/money/2022/dec/03/why-inheritance-is-the-dirty-secret-of-the-middle-classes-harder-to-talk-about-than-sex

Brilliant article. Can clearly see why some young people still vote ffg. Their failures aren't as apparent when mammy and daddy sort out all of your financial issues, including housing...

Jinglejangle69

So every SF voter hasn’t had an inheritance you’re claiming??

Interesting theory.

dotsman

You do realise that under successive FF and FG governments, we have a more and more punitive inheritance tax compared to pretty much every other civilised country?

bazza1

33% tax to be paid. On property paid for and taxed to death. Also property tax per annum. Especially unfair on an only child!

RNFoxtrot

Just another Guardian article saying those who earn and contribute should pay for those who don’t.

Thinly veiled socialist wealth grab

If mammy and daddy weren’t such failures you’d have a different opinion.

SuperBowserWorld

Depends.

If you bought a house that's increased hugely in value due for example to public infrastructure being built nearby then you can't really complain about inheritance tax.

If you got a house cheaply or free from the public purse then you can't really complain.

Most houses have gone up crazily in value, due to no work on behalf of the owners. Just in the right place at the right time. Now in the event of a crash the prices will drop and so will inheritance tax.

And people want it both ways ....expensive housing they own AND somewhere their kids can afford to buy or rent.

It's a strange economy we live in and it is definitely geared towards homeowners.

Personally I wish my kids could afford somewhere of good quality to rent while they are young and free, and invest in education and businesses and not have to be haunted by the spectre of housing in this country or worry about that **** housing ladder and have to live with their parents for years.

It's the hole in this country where energy and dreams go to die.

thegame983

It's not a dirty little secret. Passing on our wealth to our children has been done since the dawn of civilization.

Strumms

Inheritance tax should be done away with, period. Everywhere. It’s the most unethical tax of them all.

It’s actually theft in my book.

whatever a son or daughter inherit. Many levels, multiple levels of tax has been applied to that money already. Someone dies…and the government returns for yet another grab…

it is an absolutely miserable precedent, especially the rate at which it’s applied, 33%.

” ohh you just lost your Dad and your mother is dead ! Ok, cough up one third of their assets / your inheritance, everything they worked to amass, yes we’ve taxed it but the last grab, promise, one third please ! cheers ! “

RNFoxtrot

Those who earned money and paid for their house contributed enough in taxes to help the government hoist up the lazy and incompetent enough. You don get to take their stuff when they die. Vultures.

RNFoxtrot

It’s also pure bull. With the average life expectancy these days anyone getting significant inheritance is already well into their fifties or even sixties and have made their own life.

Allinall

https://www.boards.ie/discussion/comment/119955814#Comment_119955814

You do realise that all money has been taxed multiple times?

RNFoxtrot

https://www.boards.ie/discussion/comment/119955855#Comment_119955855

So it’s still not enough for you.

Allinall

https://www.boards.ie/discussion/comment/119955868#Comment_119955868

It’s unearned income.

Why shouldn’t it be taxed like any other unearned income?

Or are you just opposed to all taxes?

steddyeddy

It's 100% true in England and becoming more and more true in Ireland. Inheritance is sometimes needed to secure housing and even sometimes jobs and education through networks and private schools. This in turn leads to a class of people owning their houses through their parent's, often in receipt of educational advantage in the form of private education and in some rare cases working in daddy's law firm.

It's not just money. Efforts are being made to combat educational advantages in private schools but there's not much we can or should do about the rest (unless it's families employing each other in the public sector). However, what I find fascinating is that those who were most in receipt of these lucky advantages often have a strange sense of entitlement about it and rarely credit their success to these things. Conversely, this seems to inform their opinion about those who aren't so lucky in life and often the vastly inherited claim the less well off "simply made the wrong choices in life". Sometimes it's enough to acknowledge that certain people have their success partly due to inheritance.

This is changing in education after the publication of a series of studies stating that if you two students, one from state school, one from private school with the same grade in their leaving cert/A-levels, the state school students do far in university. Therefore, the private school A-levels in overvalued. https://www.cambridgeassessment.org.uk/news/state-school-pupils-do-better-at-university-cambridge-assessment-research-confirms/

steddyeddy

https://www.boards.ie/discussion/comment/119955829#Comment_119955829

But the point is how much is actually earned? In the case of multi-generational wealth transfer it isn't earned it's just passed down.

RNFoxtrot

https://www.boards.ie/discussion/comment/119955876#Comment_119955876

It’s not income. It’s inheritance. And it was taxed when it was earned by the parents.

Or should we tax every time a parent pays for something for their child? Tax pocket money? How much more do you think you’ll need before you don’t need someone else’s money?

Count Dracula

The most frustrating thing for inheritance tax payers' is that in most cases the money was hard earned by their family and the tax has already been paid....

I can understand the super rich getting stung, but someone who bought a 3 bedroom semi in Sallynoggin is basically being ripped off.

The fact that it then gets wasted on shight would drive you to crime.

Communists are leaches following an archaic philosophy with zero foresight. They are gormless enough to even consider it a suitable solution.

I can tell you Lord Boyd Barrett and Paulo Smurph will be paying heaps of it, their middle class confusion an indifference deserves it, they think they are cool? Core Ngrato.

It is a real lacking in modern society when 3-4 districts of Dublin city are considered cash cows by chancers in the Dáil and the Dep Finance. Twats.

Donald Trump

https://www.boards.ie/discussion/comment/119955814#Comment_119955814

Inheritance tax is the most ethical tax there is.

A person is receiving a sizeable transfer of wealth that they did not personally earn. There are large thresholds under which the rate is zero

RNFoxtrot

https://www.boards.ie/discussion/comment/119955889#Comment_119955889

That is rare though. In most cases it’s first generation earned and paid for. Go earn yourself instead of looking for my parents money.

Allinall

https://www.boards.ie/discussion/comment/119955903#Comment_119955903

All money is taxed multiple times.

Taxing unearned income is absolutely the right thing to do.

steddyeddy

https://www.boards.ie/discussion/comment/119955906#Comment_119955906

I agree that huge taxes on capital gains and small inheritance are actually criminal. As someone who worked in the HSE previously I'll add that it is indeed wasted on shite.

Donald Trump

https://www.boards.ie/discussion/comment/119955910#Comment_119955910

Go earn your own instead of sponging off your parents

RNFoxtrot

https://www.boards.ie/discussion/comment/119955915#Comment_119955915

So we should tax benefits?

steddyeddy

https://www.boards.ie/discussion/comment/119955910#Comment_119955910

Indeed. I think we should tax the multi-generational inheritors, not those inheriting small sums.

Allinall

https://www.boards.ie/discussion/comment/119955925#Comment_119955925

We don’t tax those that inherit small sums. Unless you think €335,000 is a small sum.

Allinall

https://www.boards.ie/discussion/comment/119955920#Comment_119955920

we already do, and rightly so.

RNFoxtrot

https://www.boards.ie/discussion/comment/119955919#Comment_119955919

I did. My parents are still alive. But why should you get what they earned?

As my point earlier. This whole idea that people are living off their parents wealth and house is pure bull. Most people only get inheritance well into their later adult life and long after they’ve earned their own. And even then usually share with siblings and it’s diluted to a point they couldn’t have been set up for life in any way.

I find most people who complain about inheritance tax just hate success while living off those who are successful.

Sorolla

I think inheritance should be abolished.

why should the children or the wife’s of a hard working man who worked hard all his life and put his children through college and for the daughter who was not very bright Organise a sectorial course and then got the local councilor to get her a job behind the bar - why should these ungrateful family members get his stuff for nothing after all the hardship they put him through ringing him at all hours looking for him to pick them up from the disco

the dependents can go and sh1te in my book

One eyed Jack

https://www.boards.ie/discussion/comment/119955920#Comment_119955920

We do?

https://www.revenue.ie/en/jobs-and-pensions/periods-of-unemployment/taxation-jobseekers-benefit-self-employed.aspx

Strumms

https://www.boards.ie/discussion/comment/119955855#Comment_119955855

incorrect, most money has not all. But the fact in death.. the government come for another third of everything… dismal.

RNFoxtrot

https://www.boards.ie/discussion/comment/119955925#Comment_119955925

And right now we don’t. But they’ll be those crying about anyone getting a single euro without them getting their cut. Vultures.