Tougher Thai inheritance tax laws to be applied against the wealthy

[impulse]

We are encouraged to save for our old age, then if we die ahead of expectation we are taxed on what is left over.

Most people as they get older live their lives and work for the benefit of their children to a great extent. That being the case why should they have to pay inheritance tax if they happen to die younger than expected.

If countries could get corporations to pay similar levels of tax as individuals do we could all get a 50% cut in taxation rates and governments would still have loads to squander on themselves and their follies.

Once again, folks that die early don't pay inheritance tax. They're dead.

The folks that receive money solely as a result of the accident of their birth pay the tax. I'm for a level of tax free inheritance- enough to set the kids up for life. But not tens or hundreds of millions of dollars. That's how you end up with the jet set brats who are generations removed from the money they're spending on cocaine, and private jets for their international debauchery.

I'm ambivalent about increasing the corporate tax rate. It would just take money away from stockholders, who would then have to pay less tax. (I'm all for adjusting the tax breaks to favor job creation in the home country- and not shipping them overseas.)

I'm more in favor of taxing capital gains as normal income. Then corporate profits which pass on to stockholders are taxed at the same rate as us working stiffs pay on what we bring home that year. And doing away with tax breaks for things that bring absolutely no real value to society.

[Geordie59]

We are encouraged to save for our old age, then if we die ahead of expectation we are taxed on what is left over.Most people as they get older live their lives and work for the benefit of their children to a great extent. That being the case why should they have to pay inheritance tax if they happen to die younger than expected.

If countries could get corporations to pay similar levels of tax as individuals do we could all get a 50% cut in taxation rates and governments would still have loads to squander on themselves and their follies.

Once again, folks that die early don't pay inheritance tax. They're dead.

The folks that receive money solely as a result of the accident of their birth pay the tax. I'm for a level of tax free inheritance- enough to set the kids up for life. But not tens or hundreds of millions of dollars. That's how you end up with the jet set brats who are generations removed from the money they're spending on cocaine, and private jets for their international debauchery.

I'm ambivalent about increasing the corporate tax rate. It would just take money away from stockholders, who would then have to pay less tax. (I'm all for adjusting the tax breaks to favor job creation in the home country- and not shipping them overseas.)

I'm more in favor of taxing capital gains as normal income. Then corporate profits which pass on to stockholders are taxed at the same rate as us working stiffs pay on what we bring home that year. And doing away with tax breaks for things that bring absolutely no real value to society.

Obviously if you are dead you do not pay inheritance tax. But when you have worked hard in the hope of leaving something for your kids and paid 45% tax on your earnings, for them to pay another 40% on that same money seems very harsh and unfair.

I do not suggest increasing corporate tax. But there is a problem with the collection of it, just as there will be with collecting inheritance tax from wealthy Thais. For example, the average shop keeper has to pay tax on all of their income after allowances. Internet based companies like Amazon and EBay pay a token small fraction of 1% on their earning by using loopholes like registering in places like Ireland despite selling their goods in the UK and taking market share from those same small shop keepers. Others like Starbucks also register overseas and pay tax there to maximize already large profits.

[jaywalker]

In the UK inheritance tax has been around for ever. I have never been able to work out why, if you have paid all due taxes while accumulating your wealth, you should then have to pay another 40% tax on your assets when you die.

The tax will mostly uncollectable in Thailand.

It would be far better to get the rich to pay while they are still alive and close the loopholes and under the table deals that are done annually when tax declaration time comes around.

Yeah, taxing dead people......Makes all the sense in the world.

And we all KNOW that the government of any country, especially Thailand, knows far and away better how to spend our heirs' money than they do.

Somebody has to pay for rice pledging schemes scams.

Poor folks that we have indoctrinated to hate the rich will LOVE us for this too!

It's a win-win for politicians, and a lose - lose for folks that have worked hard, produced value and jobs and saved money and assets.

I know that in the USA this can be legally avoided, mainly by putting assets into a trust that never gets put into a casket.

This is just hoopla BS for the ignorant masses in order to gain votes/favor, and trying to justify most politicians' use of the oxygen they waste every time they open their mouths.

[WitawatWatawit]

Also to be considered might be a gift tax on money parked with maids and drivers - retroactive back to 2001. A rate of 99.9% would be entirely appropriate.

[CaptHaddock]

This law is a joke.

There are 70 thousand dollar millionares in Thailand

Interesting number. Do you have a source for the number of dollar millionaires in Thailand?