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

No, I'm not.

I'm simply asking you how you pay 75k when you don't have rhe cash and can't sell. Or just want to live in it.

What you do with it has nothing to do with my question. The scenarios are meaningless.

In a republic, the citizens are the state.

The vast majority of people never reach that threshold, and of the people who do, they can easily afford to pay that tax.

CAT is one of the few devices we have to redistribute wealth from private individuals back to the state.

Except when it gets passed on again, they're back again for more!

You can't afford to borrow 75k to pay the tax so you can live in a 1 million euro house rent free??

Your question needs to make sense

Believe it or not, but there are countries without any inheritance taxes, and I'd rather live in two of the three that spring to mind. Ireland has the highest inheritance taxes of any country and it doesn't do one iota of good for society or deliver the social benefit socialist minded idiots think it does. One example of a country without is Australia, which has greater social equity than Ireland.

High levels of taxation in Ireland are mostly about transfering wealth from private sector employees to public sector employees, than propping up nere do wells, though there's a lot of that also.

and yet here you are spouting on as if you are an authority on the subject?

Ah yes, the Oz property bubble about to pop any minute paradigm. The Oz property bubble has not popped in the last 67 years.

But any minute now.

resources, including public resources, such as public monies, are being directed towards maintaining the status quo of 'continual asset price (re)inflation', and its working!

...and public polices that are also helping this along, i.e. new cb lending rules etc etc

First of all, 23% VAT does not mean that 23% of the final selling price of a product is VAT. That is bad maths. That's below JC level maths.

Second, there is no such 26% specific effective tax rate on earnings.

[Note here I am discussing effective rates, not marginal rates]

Effective direct tax rates range from 0% to approx 50%.

Hundreds of thousands of earners pay 0% effective tax rate.

As earnings rise, effective tax rates tend to rise.

It would be very difficult to suggest or establish a mean effective direct tax rate.

I suppose you could state the effective tax rate on median earnings, or on mean earnings.

@Donald Trump So, your answer to "what do you do if you don't want to sell?" is that they "are going to cash in and sell the house regardless"?

Ok then - that's you refusing to answer and using projection to blame me for asking the question.

In answer to your question, you pay tax on the sale of the house and I've REPEATEDLY said I have no problem with that.

My entire line of question is based on NOT SELLING - remember?

@Akrasia - firstly, no guarantee you can move into it if there are other siblings involved, and secondly - why should you be penalised for inheriting by being forced to take out a massive loan...? On top of which you're assuming the person has the income to pay off said loan? Living rent free has nothing to do with it - the house is still going to require maintanance and you can't just phone a landlord and get them to do it, so if your suggestion is to use the rent to pay off the loan, then they're being forced into a worse financial situation than before the inheritance.

Same mistake as Donald - assuming the recipient has incomes and disposable cash already; and not knowing the difference between a disposable income and a fixed tangible asset and believing that because one has the later the most therefore also have the former.