> The problem with inheritance tax is that the person pays taxes all through their lifetime and then when their significant others inherit that wealth (which already has been taxed once at least) it gets taxed again.
Yes, because that's a transfer to different people. That's not a problem.
The problem is that it's not just treated as income to the recipients—which it manifestly is—with the income tax then being modified to include both advance recognition and windfall spreading options to allow taxpayers to deal with irregular income in a fair basis with more regular income.
This is also the problem with capital gains tax. And its not th people who have the kind of income that avoids regular income taxation that are getting screwed by that.
Yes, because that's a transfer to different people. That's not a problem.
The problem is that it's not just treated as income to the recipients—which it manifestly is—with the income tax then being modified to include both advance recognition and windfall spreading options to allow taxpayers to deal with irregular income in a fair basis with more regular income.
This is also the problem with capital gains tax. And its not th people who have the kind of income that avoids regular income taxation that are getting screwed by that.