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.”
Wealthy will never pay it as all their wealth is hidden behind trusts, just like they pay minimal or no income tax. Poor middle and lower income people will bear the burden. Instead abolish Franking Credits.
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