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+--- Thread: Letter to local Media - Universal Inheritance (/showthread.php?tid=542)
Letter to local Media - Universal Inheritance - ReadingLib - 05-08-2017
I note that in the opening rounds of this June’s snap general election, the Conservative Party is already publically mulling over the long-term prospects for income tax and VAT increases.
For a party which talks about acknowledging and helping the 'Squeezed Middle' and the 'Just Managing' it continues to look to squeeze yet more tax from the proverbial stone, rather than look at alternative sources of revenue to create a more equitable society.
For instance last year the charity Oxfam released a briefing note entitled How to Close Great Britain's Great Divide: The Business of Tacking Inequality.
The report makes reference to a reputable banking report which suggests that the wealthiest 10% of the UK population now holds almost 54% of the nation wealth. When I joined the Liberal Party 6 years ago it was still about 40%, rising to 44%, and now seemingly represents over half.
Much of this acquired wealth was not earned, but instead inherited via an opaque inheritance regime which simply moves wealth from generation to generation within a limited clique.
To tackle this, the Liberal policy of Universal Inheritance seeks to bring about a gradually increasing positive redistribution of inherited wealth in a genuine Liberal Opportunity Society, financed by taxes on the transfer of capital from each 
generation to the next. It would provide every qualifying young UK citizen at the age of 25 with a lump sum Citizens Inheritance, initially modest but increasing by a similar amount year on year up to a significant level.
The scheme is cost neutral as it is paid for by a reformed, exemption free, inheritance tax. Although such a scheme does not directly address the issues of the national budget deficit, it does make for a fairer, more equitable society.
No longer would some inherit billions free of tax while others inherit no capital at all.