Inheritance tax will save Bolehland

Posted On 22/02/2006

Filed under Food for thoughts

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Once upon a time, Bolehland use to inherite the taxing system from Great Britain, where the rich heirs are tax on Estate tax when their parents die.

This mean even the rich exploit their worker, the justice will be done where the government will distribute his wealth after he die.

OK, enough for Robin Hood jokes.

In fact, estate tax or inheritance tax are invent by westerners who forseen the problem of inbalance wealth distribution in the socities. That is the good new. The bad news is, Bolehland has abolish the tax during the Doctor Horse time.

Doing any research on the tax scheme, you will find many articles/lobby that support inheritance tax abolishment. However, the contradiction is, many noble rich man did support enforcement of inheritance tax. You will be suprised this support if come from the world no1, no2 richest man , William Bill Gates and Warren Buffet.

Many people will argue that Bolehland abolish the inheritance tax will help attract more investment. Alas, it is the biggest bull shit(BS) you will ever heard, especially from the Bolehland BS newspaper.

Unless we are aiming for drug kings, firearm merchants, etc criminal tycoons, establish business people are alway entitle to inheritance tax from their country of origin. So Bolehland gahman will not tell you that the inheritance tax abolishment actually fail to attract any retirement money, besides money laundering activities.

If you look back at Bolehland 1997 economy crisis, abolishment of inheritance tax has given big amount of share that bloat the economy in Bolehland. Afterall, the whole economic bubble are created on top of human greediness.

The reason of having inheritance tax is obvious : it reduce rich people intention building wealthiness using exploitation. At the end, the businessman will be more willing to pay more tax, provide better benefit to thier employee, rather than keeping the wealth for their descendant.

On the other hand, since “GET-RICH-QUICK” will not give you much advantages at the end(after you die), Bolehland people will be more willing to spend effort to create better living environment than struggle for money pilling. In fact, it will help curbs the inflation to a controlled level, since inflation is a result of people demands for more money.

Bolehland bloated properties market is a direct result from absent of inheritance tax. With the tax in place, people who think of leaving their estate to their children will be less keen on holding too many properties, which will help soothing the price of the market and give a softer landing should the properties bubble burst.

In addition, people who earn money from “improper channel” also subject to tax, since most of them can’t avoid buying properties. Because inheritance tax extent to overseas(most commonwealth countries), any intention to “park” overseas by buying overseas properties will be futile. Because Inland revenue devision can always reclaims the tax from overseas, e.g. by auctions. Ever curse corrupted politickus, councilsman that pilling up bribe money? 40 millions dollars gahman officer retirement? ACA failing to do their works? Worry no more, nothing is better than late justice from IRD that grind half of their wealth after their death. 🙂

I think the Pope should make inheritance tax inventor a saint.


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