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Bank of Mum and Dad: why we all now live in an ‘inheritocracy’
(www.theguardian.com)
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this post was submitted on 17 Nov 2024
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How so? Living expenses for children often fall below exempt income levels. Taxation would only kick in for large wealth transfers.
Having to file income taxes for their children is a burden the poor do not need.
Income taxes in general are regressive, even with all the exemptions and credits. If you want progressive taxation you should be looking at land value taxes and other forms of wealth taxation that rich people can’t avoid.