Owen Jones says that inheritance should be taxed
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The political commentator was torn apart by Dr Sarah Jarvis after he claimed they are not working hard but getting it from their parents through inheritance. Inheritance tax on the property, money and possessions of someone who’s died is applied when the value is above £325,000. The standard Inheritance Tax rate is 40 percent.
Speaking to Channel 5’s Jeremy Vine Show, Mr Jones said: “I know people think everyone is an island and makes money off their own steam well actually, no.
“They rely on the government educating their workforce, they rely on the law and order system protecting their infrastructure.
“They rely on a vast amount of resources from the state so you should tax their inheritance.
“What that means is the class system stays from generation to generation. The rich stay at the top, not because people have earned that money through their hard efforts but because of who their parents happen to be.”
Dr Sarah Jarvis interjected: “I earn much more than average and not one penny came from my parents.
“I think a lot of people would have far less incentive to work hard if they knew which they had already paid 40 percent tax is simply going to go to the government.
“You want your kids to have something and frankly, nobody in this age is going to be able to afford a home unless they’ve got a bit of help from the bank of mum and dad.”
More to follow…
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