Death Taxes: A Potential Backfire
There are two key reasons why implementing death taxes may not yield the desired results.
Australia is currently facing a budget problem, with expenditures exceeding earnings, prompting a focus on increasing taxes. Treasurer Jim Chalmers has already attempted to raise taxes on superannuation, but was forced to abandon plans to retrospectively tax existing balances.
According to experts, taxing the dead will have negative consequences on productivity and investment among the living, and may not generate as much revenue as anticipated. Instead, it may encourage individuals to reorganize their affairs while still alive.
Taxing the dead will hurt productivity and investment among the living and won’t raise as much as expected, instead encouraging people to change their affairs while alive.
- Hurting productivity among the living
- Not raising as much revenue as expected
Author's summary: Death taxes may backfire due to negative impact on productivity and investment.
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