Wednesday, July 20, 2011

Labour’s Death Tax

These Two Ghouls

Will be at every funeral, with their hands outstretched to grab a chunk of your inheritance. They will be using their so-called Capital Gains Tax which turns out instead to be a Death Tax.

If you are one of two or more siblings, upon the death of your last surviving parent, it is likely the executors of his or her estate will sell the assets in order to make a distribution according to the terms of any will. (Adolf has been though this drama in the role of executor and beneficiary.)

It is common practice to sell property and shares, using the cash sale proceeds as a simple and practical means of orderly distribution. From the day Labour is re-elected, God forbid, their rapacious administration will take a skim of 15% before the family starts to get a look in. Goff has conceded this point in recent clumsy interviews.

So we have on our hands a new campaign:-


They should sell the bus and buy a fleet of socialist hearses to take them round the country selling their funereal death taxes.

Adolf can see the leftie shills lining up to scream ‘It’s not true! You’re telling lies! Etc etc’

Well I’m sorry chaps but it IS true. It is a damned sight truer than your strident and malicious attempts to falsely paint National’s Asset Renewal plan as ‘asset sales’ when no assets are being sold.


pdm said...

The next step by Labour will be to whack their CGT (aka Death Tax) on to Life Insurance Policies.

Anonymous said...

But: The Labour Party is dead! It may as well tax itself.


gravedodger said...

Thats torn it pdm, the bastards had overlooked that one.

Psycho Milt said...

It's true that income you get from an inheritance might end up taxed, just like income you get from other sources? And, er, what? It's unfair to tax income? Or something?

Ciaron said...

@PM, It is unfair, as it has already been taxed when the deceased earned it.

Adolf Fiinkensein said...

Milt, you'd better stick to sorting books.

Clearly you know the difference between fiction and non-fiction?

Try figuring out the difference between capital and income.

showmethetaxcut said...

Milt, let me help you out. What you meant to say was that profits and windfall gains, regardless of their source or nature should be treated and taxed the same. There that's better, isn't it? Doesn't overcome the double taxation argument though.

Psycho Milt said...

Doesn't overcome the double taxation argument though.

What double taxation argument? If I earn money and pay tax on it, then give the remaining money to someone else for their use (eg, as payment for services), the person who receives it pays income tax on it. He doesn't get to tell the IRD no fair, Psycho Milt was already taxed for this money. It's not obvious why it should be any different when handing out money to your relatives, whether as gifts or inheritances. A windfall gain from inheritance doesn't have some magical property that makes it different from a Lotto win.

Anonymous said...

@PM..detail detail, plebs don't give a flying f..k about detail. The campaign manager said, therefore it is so. Boring..yaaaawwwnnnn.

Not only that, if the lying bastards get into power this year I will piss on my own fish & chips and eat them,it is all a moot discussion really.


Mark said...

Psycho Milt, a bequest is not income - it is a gift.

Anonymous said...

The answer is to dump income tax and that resolves the debate over whether a gift is or not. Its a relatively new invention that was viewed most suspiciously by those who first saw it mooted. They were right to think it was a chink in the armour of privacy and reward for hard work but I suspect had no idea how voracious it would become.

Psycho Milt said...

Psycho Milt, a bequest is not income - it is a gift.

The post is about how tax law might be in the future when Labour gets back into power, not how it is now.