Jacob Rees-Mogg says HS2 money should be used to scrap inheritance tax
Jacob Rees-Mogg says HS2 money should be used to scrap inheritance tax
As Rishi Sunak confirms rest of HS2 rail link to be scrapped
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Obviously a contemptuous idea that'd only benefit his mates but I do wonder how many regular people misunderstand how Inheritance Tax actually works?
I have to own up to having to look at exactly how it works last time I commented on it. The politics Vloggers I watch have stated that people can earn up to £1m, and that it only affects 5% of the population. The truth is that you can earn £500k without paying tax for being a direct beneficiary (sibling, offspring or parent), £1m can be earned if you are married and use your partners allowance or £325 for anyone else. It is not 5%; it is actually 4% of the whole population. It would be interesting to see a devolved breakdown on that as I would assume a majority of this affects England more than the other nations.
It’s an entirely intentional deception. People get the fear that they’ll not be able to pass on their 3-bed semi-detached*, a dinner table set and the last dregs of a private pension to their kids, so they vote so that rich people don’t have to redistribute wealth.
- Usual caveat for London 🙄
Mu grandparents are terrified of inheritance tax, I've tried explaining to them that it won't affect them, but they just keep reading the daily express and getting scared. The right wing media is obsessed with scaring these old folk into voting against their and their descendants interests.