Inheritance Tax suspended in the UK.

[westernvicki]

[url]https://www.theguardian.com/commentisfree/2024/nov/17/farmers-have-hoarded-land-for-too-long-inheritance-tax-will-bring-new-life-to-rural-britain[/url]

The socialists must like Feudalism better, where the Elite own the land.

[westernvicki]

[url]https://www.msn.com/en-gb/news/uknews/british-farmers-to-protest-against-tractor-tax-in-london/ar-AA1ulQad?ocid=BingNewsSerp[/url]

[url]https://www.nytimes.com/2024/11/19/world/europe/uk-farmers-protest-inheritance-tax.html[/url]

[chuckChuck]

Most of our ancestors left Europe to get away from rich and powerful landowners who ensured that nobody else got a chance to own their own farm.

But of course the rich and powerful think the system is great!

And like Trump they try hard to pay no tax!

[furrowtickler]

The capital gains tax in Canada has much the same effect as that inheritance tax was going to do to British farmers

[shtferbrains]

Here comes the propaganda
Everything will be better when you have to send so much tax to the progressives that you have to sell part of the farm.

[chuckChuck]

The capital gains tax in Canada had much the effect as that inheritance tax was going to do to British farmers

Yes relatively little impact on the massive increase in wealth and the increased value on many farms.

Most decent sized farms are sitting on millions in land and equity.

Such a hardship to pay some extra tax on all that capital gain and your kids still come out far more wealthy than just about every other Canadian.

[AlbertaFarmer5]

Yes relatively little impact on the massive increase in wealth and the increased value on many farms.

Most decent sized farms are sitting on millions in land and equity.

Such a hardship to pay some extra tax on all that capital gain and your kids still come out far more wealthy than just about every other Canadian.

Did you already forget about that time you or one of your we/they team pretended to be a 6000 acre farmer?

Now you are cheering for taxing the equity and capital gains?

[cropgrower]

yes its great to put the young farmer starting out into as much dept as possible , where is the money supposed to come from if same land is not sold ?

[AlbertaFarmer5]

This is one of those issues where my opinion has evolved over time.

I honestly support equality of opportunity( not to be confused with outcome). All one has to do it look at the results of the current dynastic system where we have a grossly incompetent prime minister and an even less capable internet troll with his 6000 acre farm, neither of which could have achieved greeter status at Walmart without the previous generations wealth and influence.

I often consider how many innovators never got the chance to drastically improve an industry because there was no way to get a foot into the door because the established multigenerational operations are too entrenched, even if grossly inefficient, they can coast for generations.

Taxing the generational asset transfer would be the fairest way to improve equality of opportunity. If the business is profitable, then the next generation can pay the tax from profits and carry on, but starting out at a much more equitable footing vs an upstart with all the debt of starting from scratch.

To use farming as an example, I see now that I was naive enough to think that only other hard working ambitious entrepreneurs and families would take advantage of that. I see now that what would happen is a mass asset and wealth transfer from those who work the land, to outside investors, turning farmers back into tenant farmers.

Even more important is that the increasing asset values which would be taxed are entirely the result of inflationary government policies, and may have no relation to the actual profit/loss of the operation. Meaning that every well run business could be forced into bankruptcy by taxes on unrealized capital gains even if those gains are only the result of irresponsible fiscal policy.

[cropgrower]

unless you are dairy farming in UK or ireland profit margins are so small their is no money to pay inheritance tax , so part of the farm has to be sold to pay tax , very sad situation to for a farm family to find themselves in
give away part of your farm for notting
only somebody as clueless as cc would think that is a good idea

[westernvicki]

Feudalism, Socialism, Fascism, Nazism, Communism has the history of starving the most. So far Capitalism: capital ownership based on individual ownership, imperfect as it is, has fared better both in quality of life, and standards of living if you dare compare.


Now indeed in the new food system proposed by globalists: feed the hungry world factory food, and unique factory proteins the "own nothing and be happy" group would be so happy to live a simple life with no worries. Useless eaters aside.

Problem is, it takes very little to upset the balance.

[cropgrower]

its not just the corrupt leaders are the problem , the chucks that support them are just as bad

[westernvicki]

It is not just as bad; it's worse: they have the power to remove them, and they keep this administration in power.