I wrote a couple of weeks ago that the good thing about being sent to hell (as an employer by NuLab) was that at least things could not get any worse. I was wrong.
Today’s Express notifies that Gordon Brown wants to remove the exemption for Privately Owned Businesses from Inheritance Tax, introduced by John Major.
Half of all jobs in the private sector, about 10 million in total are in privately owned businesses, so there goes another couple of million jobs – soon to be eliminated by Brown’s wrecking of the private sector continuing apace.
How many businesses can afford to pay out 40% of their value just as the owner, often the founder passes away? Businesses are at their most vulnerable, and can take years to rebalance after the death of the owner. Good old Gordon Brown. He’s found a way to turn a setback into a disaster – just as he did with pensions.
Our rate of IHT is the highest in the world at 40%. Brown has failed to keep the value of the tax up with asset inflation so that ordinary houses are now caught up in it. Many countries have eliminated inheritance tax completely or have low rates around 5% – but Gordon Brown is turning Britain into the most socialist ghetto in the world.
China and India are reforming their economies to liberate their private sectors to create hundreds of millions of jobs. Britain meanwhile languishes in an anti-business anti-employment timewarp.
All the efforts of millions of businessmen will now be going into tax avoidance – and not into expanding their businesses. Well done, Gordon Girls Blouse Brown. You’ve wrecked the rest of the British economy. What would your erstwhile hero Adam Smith have to say about this?