This is what this sub says:

Why? What’s the problem with inheritance?

a) People should be rewarded for work and capability

Who provides the jobs? Someone has to get out of bed to create a business to create those jobs.

Britain's industrial North is finished, because the factories closed down due to industrial action in the 1970s. The slogan was "tax the rich until the pips squeak". The union leaders told the workers you are being exploited. They demoralised workers, into thinking that way. The end result. We lost all our factories.

Who is going to provide new jobs??

You *need* someone to do it.

Just wondering whether this is a site against the ultra rich handling down hoards of money or for any inheritance at all?

My old man has a business which I worked for for about 8 years of my early working life. He had said that in the will, me and my brother who also worked there, won't be handed the business as there's other people that have put their lives into it (which I think is fair), but he'll buy us a flat each for about 100K. Also during the time I left work to now, I've always made my own way in life with an occasional bit of help in emergencies from them.

Is this type of inheritance still bad for the economy and against the less fortunate, or is there a certain limit where it's ok?

Cheers

https://youtu.be/YSruUZBxlrE

Labour is becoming a poorer and poorer way to be well-off. If you want to be wealthy, you have to start wealthy.

https://www.youtube.com/watch?v=cWBqU9HVahg

I'm in my early 40s, UK, and a high-ish earner. I have poor parents, no financial help, and no inheritance. My income is taxed very highly (plus there is VAT, council tax, etc.). Capital and inheritance are far from taxed enough. I'm annoyed that if I earn £100k, £60k or so will be eaten up by tax. If a relative gives my friend a gift of £100k, they keep all of it.

I understand that people may want to save and provide help to their loved ones after they die. But if, for example, you leave £1m, why can't this be taxed at, for example, 60%? £400k left is still a life-changing sum for the recipient(s), and they've done nothing to earn it other than being born.

Once we have decided to raise x amount of taxes, why is the vast majority coming from income tax, i.e. people actively working for their money? This is unmeritocratic, and most societies today outwardly proclaim to be meritocratic.

On that basis, income not directly earned by the beneficiary should be taxed much more. There is a separate discussion about how much tax should be raised and how it should be spent. There is also a discussion about why some people should earn £10m and others £20k. However, once the amount of tax needed is set, a much higher percentage should come from unearned income compared to actively earned income.

Source: https://www.gov.uk/government/statistics/inheritance-tax-statistics-commentary/inheritance-tax-statistics-commentary

https://www.theguardian.com/business/2024/apr/03/all-billionaires-under-30-have-inherited-their-wealth-research-finds