Inheritance Tax

Abstract

In a series of infinite generations, we have always heard one quote- “Hard work really pays off”. I think this line needs multiple interpretations- “Does your hard work pays you or?”, “How hard it is for the earners to pay their work to some big institutions of the economy?” Taxes are an integral part of the various combined economies in the world. If the governments would have an option they will tax the universe also. If someone is as lucky as Sunita Williams to go to space, I think multiple governments will come together to tax the ISS also on the basis of the duration of the journey, the space occupied, on the utilization of the services, etc. But let just delve deeper into the politics of the earth. India has imposed multiple taxes on the earners. They are direct taxes-income tax and indirect taxes for example GST, VAT, etc. But a new form of tax levying has been raised by one of our political parties which is Inheritance tax. Inheritance tax is the tax charged on the inheritor of the property/assets inherited from the deceased/close beneficiary. This tax was imposed in the pre-historic era and was banned in 1985 due to some obvious reasons. I think the concept itself doesn’t promote equality because each person doesn’t possess property to transfer but has skills to transmit and platforms to offer to get easy opportunities for their future genesis. I think if inheritance tax is imposed let’s just the tax the nepotism, let’s just tax the archaeologists, the miners, the language learners who are indirectly inheriting the past resources through latest technologies. They are using the current progress to get access to the past resources for optimal utilization of the present.