A Political Thread pt. 2

[Reiser99]

For me the issue is that people are taxed based on the land, but don't necessarily have the cash reserves to pay the tax. If the farmers are running a business then depending on their profits/income, they may not have anywhere near enough cash to pay it.

I assume in most circumstances there is money left behind by the deceased and the tax comes out of this first and the family gets the rest. I'm wondering then (because I'm not very knowledgeable) how does it work for say someone who owns a home, but has very little cash reserves when they die. The family want to keep the home, but get taxed on it (Let's just assume it meets the tax threshold). Would they then get a tax bill that isn't covered by the rest of the deceased's finances? Are businesses that are inherited subject to the tax?

For me any system should be fair. I don't agree with IHT personally, but it's a fact of life. If ordinary people are taxed on all their assets including land and property owned, then farmers should be too. However, I'm also happy to acknowledge that it will cause issues for people and this needs to be considered. Having said that (yes I'm flip-flopping), just because you've have a cushy tax break for decades (? centuries?) doesn't mean it should continue.

 

[Amiga500]

This is timely: https://www.bbc.co.uk/news/articles/c789yggdxn3o

Now the source is HMRC - and I'm sure anyone that has had direct dealings with HMRC would agree with me that it means its likely wrong and will be later clarified But it does appear the 2nd of my unknowns might indeed be true.

 

[Amiga500]

For me the issue is that people are taxed based on the land, but don't necessarily have the cash reserves to pay the tax. If the farmers are running a business then depending on their profits/income, they may not have anywhere near enough cash to pay it.

I assume in most circumstances there is money left behind by the deceased and the tax comes out of this first and the family gets the rest. I'm wondering then (because I'm not very knowledgeable) how does it work for say someone who owns a home, but has very little cash reserves when they die. The family want to keep the home, but get taxed on it (Let's just assume it meets the tax threshold). Would they then get a tax bill that isn't covered by the rest of the deceased's finances? Are businesses that are inherited subject to the tax?

Yeah, I think if say, a last surviving parent passes a home to their child with 0 other assets - and its above 500k in value, then that child will get a bill for 40% of the house value minus the 500k allowance.

Which is of course astounding **** if you live in the south of England, as any kinda home that isn't a shoebox is instantly pushing that 500k threshold.

 

[Gavin]

This was an interesting watch, though can anyone comment how accurate it is?

 

[Bada-Bing!]

I am not sure Richard is right that BPR is claimable on top of APR. My understanding is that the £1m allowance is combined per person. And it's not transferable to spouses.

 

[General Melchett]

It's silly that increasing income tax and national insurance has become so politically taboo. Labour could have reversed Truss' idiotic NI cut to help fix the mess and still romped the election. Instead they tied themselves in knots by committing 'not to increase taxes for working people'.

Wouldn't surprise me if the Tories promise to abolish IHT and restore generous CGT thresholds before the next election. Not a fan of CGT either. You pay income tax, NI on salary. VAT on what's left over. If you then buy shares as a non-ISA investment for retirement you have to pay stamp duty on those. You then pay income tax on dividend income and you still have to pay CGT on a gain > £3k when selling the shares. The Government are taking a good slice at every turn. Oh and if you die and don't have any living relatives or leave a will - your whole estate goes to the Crown. It's better than any ponzi scheme.

 

[Bada-Bing!]

Our tax system is a mess created by successive Govts - fiddling around with it and tweaking it for political purposes. I doubt the Tories would reverse this even if they do somehow get into power. We've seen this before so many times.

At the heart of it is our national debt - close to £3Tn and no amount of tax raised in the long run will cancel it out in the next 10 years. It's there for a reason.

America's is 10 times the size of the UK's and it carries on printing money and cutting taxes.

Of course in the long run inequality gets wider.

 

[General Melchett]

Our tax system is a mess created by successive Govts - fiddling around with it and tweaking it for political purposes. I doubt the Tories would reverse this even if they do somehow get into power. We've seen this before so many times.

It also keeps tax advisors in work which is presumably good for the economy. Bit like the housing market where you have solicitors, surveyors, snagging companies, estate agents, mortgage advisors, HMRC all getting a slice of the action in what is a truly horrendous process. They have no intention of simplifying or improving things because the only person who stands to benefit is Joe Bloggs.

 

[TRF_Olyy]

Gonna be a long four years, and he's not even in power yet

 

[Saintjay]

Gonna be a long four years, and he's not even in power yet

Germany probably wouldn't go there tbh.

 

[Bada-Bing!]

It also keeps tax advisors in work which is presumably good for the economy. Bit like the housing market where you have solicitors, surveyors, snagging companies, estate agents, mortgage advisors, HMRC all getting a slice of the action in what is a truly horrendous process. They have no intention of simplifying or improving things because the only person who stands to benefit is Joe Bloggs.

Absolutely. We are all part of the same hypocrisy because Britain's main productive sector is financial services.

 

[Which Tyler]

I see the "You lost, get over it" brigade have gathered 2 million signatures for their "4 months of a labour government is more than enough, give us a new election now" petition.

 

[TRF_Olyy]

I would be amazed if 75%+ of those weren't fake signups - all you need is a UK postcode to sign it

 

[Which Tyler]

I would be amazed if 75%+ of those weren't fake signups - all you need is a UK postcode to sign it

And an email address - available for free, anywhere on the internet.
2 Million is achievable for these things, but not realistically in 24 hours, surely.

 

[Ragey Erasmus]

Judge dismisses Jack Smith's election case against Trump

The case was dismissed "without prejudice", meaning charges could be refiled when Trump leaves office.

www.bbc.co.uk

And just like that, Trump escapes justice despite blatantly being a criminal, all because Garland was a ******* coward and Smith played stupid buggers. This could have been brought to trial months before the election, even with the interference of the supreme court and Cannon, but instead they ****** around and let Republicans and Trump get away with stupid games.

The USA cannot claim to have a working justice system any more (not that it did before but this really is the biggest slap in the face).

I worry the USA is rapidly in decline, the lunatics and corrupt have taken over at all levels and the worst part is the populace seem to support it...

 

[Booboobang]

Yeah I don't hate this as much - ultimately I really dislike IHT (basically Government grave robbing imo), so I'll take any sort of policy which minimises it.

This is where there is an element of confusion in the debate though. Lots of rhetoric about "why do you think farmers should be exempted from a tax other businesses have to pay?", when the answer from a lot of corners is actually just an anti IHT one rather than a sector specific one

I feel this answer should be clear to anyone though, part of the reason our country is such a mess is because we dont make anything, dont supply our own energy, cannot provide our own food. We are relient on imports for every facet of a functioning economy, therefore far more at the whims of issues in markets and struggle to control inflation.

I am not some mad protectionist wonk, but you have to supply atleast a chunk yourself or you are overly relient on commodity rich countries wich are sadly often run by madmen. Consumer economy made for great times in the 80's/90's we are just seeing the long term results now.

 

[Kiwiwomble]

Judge dismisses Jack Smith's election case against Trump

The case was dismissed "without prejudice", meaning charges could be refiled when Trump leaves office.

www.bbc.co.uk

And just like that, Trump escapes justice despite blatantly being a criminal, all because Garland was a ******* coward and Smith played stupid buggers. This could have been brought to trial months before the election, even with the interference of the supreme court and Cannon, but instead they ****** around and let Republicans and Trump get away with stupid games.

The USA cannot claim to have a working justice system any more (not that it did before but this really is the biggest slap in the face).

I worry the USA is rapidly in decline, the lunatics and corrupt have taken over at all levels and the worst part is the populace seem to support it...

i honestly think it was no win as soon as he announced he was running, if he'd been convicted and got a jail term there would have been riots claiming jailing of political opponents is what dictators and authoritarian regimes do

 

[Booboobang]

I worry the USA is rapidly in decline, the lunatics and corrupt have taken over at all levels and the worst part is the populace seem to support it...

I agree, a failing empire trying to fight many battles on many fronts to maintain power, an economic system that works for the 1% but leads to serf level inequality, it is no wonder populism has put its claws in.

Will they care trump and cronies will continue on the same broken politics and just make the rich richer? No, because he will punish those they see as below them on the social totem pole, no body is looking up when the finger is pointed at everyone else.

 

[Kiwiwomble]

I agree, a failing empire trying to fight many battles on many fronts to maintain power, an economic system that works for the 1% but leads to serf level inequality, it is no wonder populism has put its claws in.

Will they care trump and cronies will continue on the same broken politics and just make the rich richer? No, because he will punish those they see as below them on the social totem pole, no body is looking up when the finger is pointed at everyone else.

some stuff is madly delusional, almost like a religion, people in poverty defending those exploiting them...because freedom

there is also this really strange victim mentality combined with blinding arrogance, everyone hates us, theyre all out to get us, to come her and steal form us....but everyone loves and is envious of us

 

[Kiwiwomble]