John we do not want to go down the Republic rabbit hole. That's because we don't have a bill of rights. Become a Republic and the Australian Constitution becomes invalid. Much as the royals may be irrelevant, the Australian Constitution does give us protection as an individual. The possibility of a federal government passing enabling laws just doesn't bear thinking about.
So you think Trump's policies of deporting a chunk of the workforce and adding 20-100% onto the cost of imported goods will help the US people?
The left of politics are simply a pack of socialists that are extremely efficient at sending states and countries broke, and hopeless and handling money. I've just returned from Europe and the financial incompetence in Britain and France is frightening, and level of debt is difficult to quantify for most. And, we as a nation are right behind them, e. g.look at the debt in Victoria, and the hike in land tax!! Inheritance tax in the UK has a cut off for the estate at 350,000 pounds, anything over that, is taxed at 40% !!! and the slogan is that the people either Heat or Eat coming into winter, says my British mate. Just let that sink in for a minute 40%, everything you have accumulated in your life 40% goes straight to those vultures, and France is the same. The sheriff of Nottingham was an choir boy compared to these crimms. The shortfall in the budget has to come from somewhere..........US.
I've been reflecting on this recently, the total abdication of responsibility by western governments. Since the financial crisis of 2007 the world has experienced negative real interest rates, where the cost of money was lower than inflation. Whatever checks & balances we had (reserve bank, elections, etc) were either politicised or enfeebled - conservative governments borrowed just as hard as socialist ones. Politicians bought popularity by massively increasing spending. We gained a minor improvement in productivity (e.g. better communications and transport) but overall the least efficient parts of the economy (regulation & administration) grew everywhere, at an exponential rate. But the party is over now, rates have returned to the long term average and will stay there. Servicing debt is now the largest line item on most government budgets, just when the baby boomers are leaving the workforce. No politician ever bears personal responsibility for wrongdoing - the pain falls to the people who worked and saved the hardest. The Albanese govt will raid the Future Fund to buy windmills from China, then next in line will be your super, via "wealth" taxes, where the definition of wealth will capture average people. Following that, property and inheritance taxes. It doesn't matter which party is in power, the debt won't go away. Image Unavailable, Please Login
and for another example of the economic destruction being wrought by the Albanese govt, have a read of this. https://www.legislation.gov.au/F2024L01380/latest/text The legislation attempts to quantify "Psychosocial" effects of work. If you ask someone to do something difficult, which used to be called an interesting challenge, they run to a lawyer. The practical effect is that vexatious employees can tie you up in court for a year or more, whilst staying on your payroll but doing no work.
One of our fellow drivers on our runs is now finding about all the drama of contracting to a Govt body and asking Public servants to do a "job" on a AI project..
Take another look at the FACTS: Houses are dealt with separately. See the whole article here: https://www.gov.uk/inheritance-tax Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who’s died. There’s normally no Inheritance Tax to pay if either: the value of your estate is below the £325,000 threshold you leave everything above the £325,000 threshold to your spouse, civil partner, a charity or a community amateur sports club You may still need to report the estate’s value even if it’s below the threshold. If you give away your home to your children (including adopted, foster or stepchildren) or grandchildren your threshold can increase to £500,000. If you’re married or in a civil partnership and your estate is worth less than your threshold, any unused threshold can be added to your partner’s threshold when you die.
I agree this is nuts, BUT it is another manifestation of the generations of 'princesses' (of whatever gender) who have been brought up believing everything is a 'right' and no concept of 'obligation'. Until parents start disciplining their kids this is just going to snowball.
The FACTS are that an average family home in an average London suburb (excluding areas blighted by crime social dysfunction) is above 1milion pounds. Inheritance Tax impacts 80% of people living in the UK south east, after they've spent a lifetime paying income tax and VAT.
Read the whole article - house can be left to a surviving spose tax free; or given tax free to children before you die...
That's not what it says - you didn't mention the value limit, above which tax is payable. " You can't make poor people rich by making rich people poor" - Margaret Thatcher
Probate is automatic as soon as the death cert is provided and the banks are informed. I've just been through this with my Mum's estate.
That's all very well, but I don't have the date of my death yet! I was hoping to die in a fiery ball chasing john down a mountain at some point but....... And.. I have to give it all away to my kids........ and have no say or control of my things, because I don't own them anymore. WTF. Because of some socialist politician??? 500,ooo pounds is nothing, the average price of a home in Banyo now is 900K, usually you do own a car or two, jewelry, watches Rolex, Omega?? works of art, yep sell it all and give to the local netball association. You can't be serious.
Don't live in the UK and you don't have a problem! Not to mention lots of loopholes: https://taxjustice.uk/blog/how-do-the-super-rich-avoid-inheritance-tax/#:~:text=In%20some%20cases%2C%20allowing%20vast,the%20AIM%20alternative%20stock%20market.
I’d much rather be in country UK than some parts of Australia. While I don’t support the above tax in any way at all, my objection is entirely in the government stealing your money after a lifetime of paying taxes and then using that money for some woke bollocks. I don’t really give a **** about whether some kid becomes slightly less of an instant millionaire than they otherwise would have. Which will still happen, obviously. If the estate is worth £10 or 20m the kids will still be very rich even after the stupid tax. Probably not a popular opinion. But there you go.
