Comment: Why 'heinously unpopular' death taxes could actually be a good idea
It was partly aimed at wooing potential migrants from NSW and Victoria as Queensland sought to establish itself as the nation's low-tax state, although the lost revenue from the end of death duties was made up by other taxes .
The Henry tax review, in a recommendation that was rejected immediately by both Labor and Coalition, said there were major reasons to consider what it termed a bequest tax. In theory, inheritance taxes are efficient, as the person who leaves the inheritance is dead. They can't take that money with them into the afterworld.
This was disrupted by the two world wars and progressive taxation including sizeable inheritance or estate taxes. But since 1980, wealth concentration among the very rich has increased aided by the reduction of death duties.Credit:While the Coalition has repeatedly noted that income inequality in Australia has possibly fallen on its watch since 2013, wealth inequality has unquestionably risen.
But she said without change, wealth inequality across Australia would grow dramatically as wealthy people passed on assets to their children.
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