As I have said previously, capitalists support the estate and inheritance taxes. Not those that see themselves as nobility, and call wish to be called capitalists, that want to reward the children of the wealthy (because we all know they need more advantages than they already get). While the Democrats voted in favor of capitalism (letting those who earn wealth prosper) instead of supporting nobility, as has been the recent trend, they did so only for the richest few.
Yesterday (on “Tax Day”) NPR’s Scott Horsley was wondering about the prospects for doing something better about the Bush tax cuts this year. He got a similar reaction from me, NYC Mayor Michael Bloomberg, and the Tax Policy Center’s Bob Williams–although I got to pull out an expression I believe my mom first taught me,
The inheritance tax in France is 45%, in Belgium it's 3%. France has a wealth tax, Belgium doesn't. Wealthy French have known and used these loopholes for quite some time, but appeal of such schemes is on the rise following massive tax hikes of president Francois Holland.
The decision is welcome news for many farmers, many of whom own a farmhouse but no longer own all of the surrounding agricultural land. Agricultural land ordinarily attracts agricultural property relief from inheritance tax and where the farmhouse on the land ‘is of a character appropriate to the property’, which means that the farmhouse is proportionate in size to the farmed land surrounding it, then the farmhouse also attracts agricultural property relief.
Laurence Field, partner at national audit, tax and advisory firm Crowe Clark Whitehill highlights the top ten tax tasks to do before May 2015 as follows:
Make pension contributions – politicians from all parties have floated the idea of limiting tax relief on pension contributions to the basic rate. Tax relief is already restricted to the first £40,000 of pension contributions, so it wouldn’t take much to take away higher or additional rate tax relief.