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...
Somebody earned it. That’s the point… somebody already paid tax on it.
’inheriting’ should not entitle a government to go in for another grab.
And why should I pay tax on my nixers?
I mean the person paying me already paid their income tax on it?
And when I use it to buy something, the person selling it me shouldn't have to pay tax on any of it
They don’t come for a third of everything.
Someone inheriting €500,000 from a parent pays €53,460 in tax,
A little over 10%.
It’s all technicality. If I give you 100 euro and take 30 back I gave you 70 euro. You gave me nothing
There are those who net contribute and those who net benefit. And those who benefit always tell how those who are contributing they aren’t contributing enough.
As far as I can see the only people who support an inheritance tax are people whose parents failed them.
We’ll that’s certainly not true.
Because you earned the money. You are not receiving a gift. It’s a business transaction. You are being paid for your labor.
So, in your book, a person who busts their bollix working for their money should pay tax on it, but a person who receives a gifted windfall shouldn't have to
It’s both, an income and an inheritance. If the parents were any way clever, there are ways to reduce the amount of tax the person who inherits an asset will have to pay, if they end up paying any at all. The parents or grandparents or uncles and aunts can transfer their wealth during their lifetimes.
I sometimes think I give my own child far too much pocket money that he can afford the lifestyle he leads 🤔
So what's the plan then? Confiscation of all property and savings upon death?
They'll just give it to vulture funds.
The person paying you gets the benefit of the service they paid you for as part of the service economy. Should we have to pay for the privilege of dying?
Again - it's not an income. Sometimes it's not even money.
As someone said, we're talking about vultures here. Assets change hands and suddenly the government thinks it's entitled to a chunk. On what grounds?
Well if you die then you are dead. And you have no property rights. Adios
The benefit someone else gets from my work has no bearing on my tax liability
It’s unearned income, no matter how many times you say it’s not.
The person who “busts their bollix” to earn something and pay taxes for it should be allowed to pass it on to their children or whoever they damn well want without it being taken back from them because they died
Wow.
They are. Nobody stops them. The dead person is not taxed as they don't have anything and nothing is taken from them. The beneficiary might be taxed
Doesn't answer my question and doesn't make a difference - so what if it's unearned?
Lottery wins and competition prizes are unearned and untaxed.
What's the connection between earning/not earning and taxation?
Were you not aware that after you die, you are dead?
This is it. If we did have such a system the way things are headed they’d find some way of filtering the money out of the exchequer.
The person who earned it paid tax. They can give it to who they want. The government got their cut already.
Earned income is taxed at different rates.
there are specific exemptions for lottery and competition wins. Same for gambling wins.
It’s not all technicality at all. Jobseekers benefit is an income which is taxed in the same way as income from PAYE employment. In a similar fashion, inheritance is considered income which is taxable with those who benefit claiming they’re paying too much in taxes when they inherit property or goods valued above the existing thresholds which means they pay 30 odd % on anything over I think it’s €300k.
That’s I think what the article is driving at in suggesting that inheritance is a dirty word among the middle classes. I’ve seen how among members of my own family they’re circling like vultures around the family home waiting for my mother to pop her clogs. Had I my way, I’d raze the property to the ground.
The wages you get from your employer have already been taxed when your employer earned it.
all money is taxed multiple times.
Are you serious?
Again - NOT an income.
The rest of this is true, but none of it addresses the issues raised or answers the questions I asked (some of it even agrees with me).
Yes, deadly serious. It is true. I am surprised you didn't know it
Word salad. You contribute or take. Often both at some stage in your life.
The basics of this whole debate is people trying to take more, off those of have died.
Whether it's the money in your pocket, your payslip, your savings account or possible inheritance, the powers that be are working tirelessly to take it from you and give it to private interests.
The less you have, the more they have.
Nothing is taken off people who died. When you are dead, you no longer own anything and have nothing to take. It is an impossibility.
It might be taken off beneficiaries. The tax paid depends on the beneficiary and their lifetime allowances etc. It has no reference to the deceased.
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