A radical change to the way we tax wealth could benefit us all, says David C Stevenson.
Talk to economists (including many of the more conservative ones) and they’ll admit to a passion for three taxes that don’t currently raise significant sums for the UK exchequer: a carbon tax; tax on land value increases; and – most controversially – inheritance tax (IHT). They regard all three as fair, equitable and efficient. Non-economists tend to disagree – particularly on the latter. Three arguments are advanced against IHT. The first is that it penalises hard work and [...]