How do death taxes work and do we need one?

From Elon Musk to Warren Buffett, the idea of applying a tax on estates or inheritances, popularly known in Australia as “death duties”, has gained some unlikely advocates in recent years.

The COVID pandemic has dealt a body blow to public finances while delivering windfall gains to some billionaires,Advertisement In 1914, the Commonwealth government imposed a federal death duty on top of state-based duties, to fund the war effort. Belgium and France raise the most revenue from such taxes in Europe while in Asia, South Korea and Japan also tax estates relatively heavily.

In South Korea, the family of the late Samsung chairman Lee Kun-Hee, pictured here, will pay one of the world’s biggest inheritance tax bills.You might think one of the main reasons to implement a death duty is to stop the inter-generational transmission of ever larger inheritances from deepening inequality in society.released in December.

“A bequest tax would be an economically efficient way of raising revenue and would allow reductions in other, less efficient taxes. It would not affect saving decisions to fund an adequate standard of living in retirement. Saving decisions motivated by the desire to leave a bequest would be affected, but only to a limited extent.”

Earn money - income tax Spend money - Goods and services tax Invest money - Capital Gains Tax Save money - inflation (the hidden tax) Bruh, I can barely afford to live, you telling me I can’t afford to die?

Ask other countries

Ask AlboMP He has this in his back pocket to pay for all his promises. He will means test it so only the rich get smashed while his demographic pay nothing. The Labor way. Everything for nothing & get the rich to pay for it all.

The Polish government is constantly increasing some taxes and is not fighting the pandemic, which is contributing to the increase in mortality. They will probably be interested in this idea.

Don't worry. Some dopey politicians will tell us they are. And some dopey politicians will tell us there're aren't.😎

Estate tax! We need one for the millionaires and billionaires.

We already have a death tax. Die with any money in your super and let your non dependant find out about it.

the CG tax discount is the tax to remove

No.

Absolutely NOT! A person who has paid taxes all their life, and saved to buy a home and other assets out of their earnings AFTER being taxd, is entitled to be able to leave it to who they want without it being taxed again. Anyone even mentioning this would be laughed out of court

Jess_Irvine A death tax would force heirs to sell the inherited property. That would be a shopping bonanza for the rich immigrants ScottMorrisonMP and Co have allowed to settle in Australia. House price inflation would further go up. ShaneOliverAMP AlboMP

No we do not want them, it's disgusting.

Death taxes are just the legalised theft of money from those who have had the fortune to accumulate assets after paying their dues to society.

What a coincidence. It's election time and the SMH conveniently brings up the old 'Death Tax' boogy man.

Not this shit again. Labour does not have a death tax policy

Not a good idea.

Kill Negative gearing and provide the tax break to home owners, not speculators. Why should tax payers have to support speculative investors.

bitcoin fixes this

Doesn’t matter whether they’re a good idea. The political party that introduces them will spend an eternity in the wilderness.

Tax Hillsong and other cults, tax billionaires, problem solved. No need to start your BuLlShiT scare campaigns again SMH. Why not do a story about Campbeltown’s Koala polpulation and the PM’s empty announcement instead GladysKilledLewis AusPol2022

Is this just the SMH sowing seeds for a LNP scare campaign?

Those who can afford to go around it will, those who have no money won't care, it will unfairly target those in the Goldilocks zone......the middle class!

Labor and Greens want death taxes.

We don't have a revenue problem, we have a spending problem. More taxes don't fix that.

AlboMP will bring it in

50% minimum

Why not? Spend up big or give it away before you’re dead

15% GST is a green solution

quality j’ism

If we want equality then we probably need one. Particularly given the growth in individual wealth from real estate and the share market. If individual greed is valued then we don’t want one at all.

Totally, who doesn't want to pay for the privilege of dying?

A wealth tax would be better. Tax the billionaires Have an MRRT on our precious resources We don't need a 'death tax', or a scare campaign about it 'Death taxes' were part of the LNP scare campaign in the last election weren't they?

Don’t trust Labor or the Greens if you don’t want death taxes.

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