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Typical ignorance from Spud

Let me just put that in context. Firstly, we have had inheritance tax or one of its predecessors since 1694. It is, in fact, of exactly the same age as the national debt, precisely because the existence of both makes sense.

At least since 1066 in fact.

And vast chunks of Magna Carta are on the allowable limits to such governmental extortion.

Following Magna Carta of 1215, the standard rates became one quarter of a year’s profit of the estate payable by an under-tenant, and a full year’s profit payable by a non-baronial tenant-in-chief.

A year’s income from the estate inherited.

So, those who would have inheritance tax at 40% of capital value – can we get medieval on their arses down at Runnymeade?

1 thought on “Typical ignorance from Spud”

  1. Don’t forget Tim:

    Third (sic – why does he always have to make so many individual points?) , as I noted recently as part of the Taxing Wealth Report 2024, those with wealth in the UK are seriously undertaxed. Those in the lowest decile of income earners in the UK pay tax at around 44% on their combined income and gains in financial well-being each year, whilst those in the top decile pay at 21.5%, or less than half that rate. That is why there is capacity to raise more tax from wealth in the UK.

    I think it falls to one of the true greats on these threads, Jim to sum up the situation. He applies it to pension funds but it could just as easily apply to assets of any type:

    Face it, people like Spud are just the front runners for what you should all know is coming – the State is going to expropriate your pension funds and ‘invest’ them like it does all the rest of its spending. There’s a big pot of money out there that people aren’t quite as attached to as their day to day income so the State is eyeing it up eagerly. Income is taxed about as much as it can be now without reducing revenues, so that well is tapped out. Pension funds represent a completely new source of revenue. They’ll offer some promises written on tomorrow and just take it.

    And another great, Steve to sum up what the likes of Murphy don’t realise:

    Even if we cancelled Net Zero right now, we’d be in for perhaps decades of economic pain thanks to all the Net Zero, Covid and other foolish decisions our Conservative government has made to date.

    We literally cannot afford this. Our government is like a deadbeat gambling addict, now pawning the children’s Christening gifts to fund another tilt at the roulette wheel. Whee!

    All his bullshit – is just that – the UK as a country is effectively DOA – the question is how long the corpse can be kept artificially alive until the Markets pull the plug.

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