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Sunday 28 July 2013

Prince George and The Paupers- An Argument For Inheritance Tax

So another prince has come into the world. He's been born into a world of immense privilage and wealth. Many other babies were born on the same day in different circumstances and financial situations. This is the great lottery of life, by complete accident and luck you can be born a prince or a pauper.
In the words of every child "Its not fair". No it isnt.
Governments attempt to "level the playing field" and reduce the gap between rich and poor, so the rich dont keep getting richer and the poor getting poorer. One of these attempts is Inheritance Tax.
I tend to hear alot of people complaining about inheritance tax, about how you pay tax all your life and even when you die you still have to pay and how "its not fair!", obviously nobody likes to pay tax-including me-but is'nt it only right to attempt to bridge this gap from a societies point of view?, to redistribute wealth for a more equitable society?
Taxpayers will of course try to minimise their tax liabilities, as they are entitled to, but its important that inheritance tax exists and its intentions are understood from a bigger picture view rather than purely self interest.

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