Now that the dust has settled from the first of the Clown Car Debates featuring the complete (so far) slate of Socialist presidential candidates for 2020, one fact has emerged: the Socialists want to give everything away: education, health care, cash, transport, forty acres and a mule… I think I got it all.
To which everyone with an IQ higher than the average refrigerator setting will be asking, “But how are they going to pay for all this free stuff?”
As always, one looks across the Pond for inspiration because the entrenched socialists Over There are full of “new” ideas. Here’s one:
The Shadow Chancellor said he was interested in replacing the current levy with a ‘lifetime gifts tax’ on cash or homes given to children.
He claimed the plan, which the Tories say would affect 10 million households, could ensure ‘wealth is more fairly distributed’. At present, the inheritance tax threshold is £475,000, or £950,000 for couples. Only 640,000 households end up paying the tax each year.
But a lifetime gifts tax (LGT) would see each child paying tax on everything their parents gave them – either during their lives or after their deaths – above £125,000. The two children in a typical family would, therefore, only be able to inherit an estate worth £250,000 tax-free.
Once an individual exceeds the threshold, any further gifts would be taxed annually at income tax rates.
And if you think our home-grown Marxists wouldn’t consider a scheme like this, think again.
And as Thomas Sowell (PBUH) just turned 89 over the past weekend, what better reason to post this:
When non-sequiturs become policy, you’ll find a Marxist.