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'This is a debate about the super elite!': Lewis Goodall in inheritance tax dispute with IEA director
1 June 2023, 18:56 | Updated: 1 June 2023, 18:59
Lewis Goodall takes on Matthew Lesh of the Institute of Economic Affairs
Lewis Goodall tells Director of Public Policy for the Insitute of Economic Affairs, Mathew Lesh, that calls to abolish inheritance tax is another example of Westminister being 'so far removed from the average person'.
"Why is there a moral right to pass on huge estates to your children?" Lewis quizzed public policy director Mathew Lesh.
"Well I think it is a moral right to be able to earn things throughout your lifetime it's a very natural human indistinct to want to build up assets and pass things onto the next generation," the director began, "There is something extremely human about that, I don't see what's controversial."
"We well what's controversial is of course that many people will never have the opportunity to pass on any sort of wealth to their children...
"The fact of the matter is this is a debate about the super elite!" Lewis declared.
"We are talking about less than four per cent of all estates in Britain," Lewis continued.
"This is another example of Westminister, frankly the conversation in Westminister - it seems to me - so far removed from the average person and the average household - who would love to even get anywhere near paying inheritance tax."
"By the way, they still keep sixty per cent it's only forty per cent above a threshold," he added.
"I agree, I think far more people should be able to gather far more wealth throughout their lifetime", The Insitute of Economic Affairs director said going on to say the housing ladder system is also"problematic" and the lack of income growth "is a huge problem".
However, he said: "You don't solve that by taxing inheritances you need to actually build a strong underlying economy. And in fact, taxing inheritances can have unintended economic consequences along the way."
You destroy the economy through "over taxing" and "inheritance tax is part of that problem", Mr Lesh argued.