Obama's position on the estate tax

[gaelic cowboy]

A death tax is awesome.

Reap the benefits of a lowered tax rate all your life, then pay Uncle Sam back when you have no need of money anymore. A win-win for everyone.

hmm there is a germ of an idea here Horetore it might encourage people to spend all there money prior to death which would boost vat receipts etc etc.

Place like Florida would absolutely boom with consumer spending in the local economy.

[HoreTore]

hmm there is a germ of an idea here Horetore it would also encourage people to spend all there money just prior to death which boosts vat receipts etc etc.

I'm not that big on encouraging spending... Enviromentalist reflex, I guess.

[gaelic cowboy]

The sales tax and vat on renewables and all that good stuff is less meaning you buy it

[rory_20_uk]

Making changes to a system one has to consider the ways the system will alter to take this into account, which seemingly isn't often done.

Death taxes would encourage one to pass on one's assets prior to death to avoid it by a number of different methods. The UK basing care costs on one's worth is already creating the incentive to divest assets lest the state gets them all anyway.
Income tax can make jobs less attractive than elsewhere. Many jobs are international. My industry still has the almost requirement to work in the USA for a bit. Is living in the UK that much better than having 3 weeks of holiday here? If there was a 40% difference in salary I might think differently.
Sales tax is often called a "tax on the poor" (although it could be stratified by item with no tax on certain items) and might encourage purchases abroad (the rush to Calais for fags and booze a classic example), although
Property tax seems good to have, but a pain to instigate as it would massively dampen the value of property. So, getting to one is political suicide.

[HoreTore]

Devaluing property is absolutely vital.

In the current situation people move money from the productive sector to property. It should ne the otherway around. So, dump taxes on businesses, especially startups, and crank up the tax on property(and other things people out their money in which doesn't create anything).

[rory_20_uk]

Absolutely - if there was an annual property tax of a percentage of a property's worth this would slash property costs, help first time buyers, generate income for the state that could offset other taxes, and reduce the bills for social housing indirectly.

Those with would hate it of course, especially the elderly who think it is their right to live in a large house that they bought decades ago for a fraction of its current value. If they can't afford to heat it, rather than think they should downsize the government should give them free money to do so. Help for first time buyers of course, but the hardship should fall elsewhere. Such as the young whilst the elderly gripe that the vast amounts that Social and Medical care provide isn't enough as they paid their taxes - and cheerfully forget that life expectancies have shot up and so in a very real sense they haven't paid sufficient taxes.

As Greece and California proves so well, rarely does direct democracy lead to self-sacrifice.

[HoreTore]

When I become dictator, I'm making you finance minister, rory.