{"id":7558,"date":"2024-05-03T17:04:54","date_gmt":"2024-05-03T17:04:54","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=7558"},"modified":"2026-04-13T12:08:53","modified_gmt":"2026-04-13T12:08:53","slug":"the-inheritance-tax-debate","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/financial-matters\/the-inheritance-tax-debate\/","title":{"rendered":"The Inheritance Tax Debate"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The political dissension that has arisen due to comments on inheritance tax is known to all, at least by now, but this isn\u2019t any new. Chairman of the Indian Overseas Congress, Sam Pitroda, commented on this matter, taking an example of this rule in the US.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s look into it from a rational perspective. If other countries have implemented it, then it means there is something about this concept that we should know.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The talk on inheritance tax\u2026<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/the-inheritance-tax-debate\/#What_does_the_inheritance_tax_mean\" >What does the inheritance tax mean?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/the-inheritance-tax-debate\/#How_is_it_working_for_the_other_nations\" >How is it working for the other nations?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/the-inheritance-tax-debate\/#The_US_scenario\" >The US scenario<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/the-inheritance-tax-debate\/#The_why\" >The why?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/the-inheritance-tax-debate\/#How_has_it_all_started\" >How has it all started?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/the-inheritance-tax-debate\/#What_has_it_solved\" >What has it solved?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/the-inheritance-tax-debate\/#The_India_Scenario\" >The India Scenario\u00a0<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/the-inheritance-tax-debate\/#The_Perspectives\" >The Perspectives\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_does_the_inheritance_tax_mean\"><\/span><strong>What does the inheritance tax mean?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">You are working hard to make that wealth of 10 billion rupees or 20 million rupees, for instance, and when you pass away, only 45% of it goes to heirs and 55% will be taken over by the<a href=\"https:\/\/goldenpi.com\/blog\/fixed-income\/govt-bonds\/what-are-government-bonds\/\"> government.<\/a><\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is outrageous from the perspective of the man who earned that 10 billion rupees to give it to the government without any questions asked.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Well, there are two types of taxes that come into play: When the beneficiary inherits the property from the deceased, the tax is calculated on the total value of the asset after any exemptions and deductions, that need to be paid by the beneficiary, which is called the inheritance tax. Also, on the date of death of the deceased, the tax charged on the total value of the property is called the estate tax, which the property owner would pay.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">India had an inheritance tax, which was called estate tax, in 1953 but it was abolished in 1985. The former finance minister, VP Singh, said it failed to reduce the inequality in wealth issue, nor did it solve the societal inequilibrium issue.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_is_it_working_for_the_other_nations\"><\/span><strong>How is it working for the other nations?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Other nations, such as the United States, Netherlands, Spain, Belgium, and the United Kingdom, have inheritance tax laws in place. The chairman took the U.S. as an example. Let&#8217;s see what\u2019s in the US.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_US_scenario\"><\/span><strong>The US scenario<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">There isn\u2019t any federal inheritance in the US, but few of the states in the US impose it. As of 2024, states such as Kentucky, Pennsylvania, Lowa, Maryland, New Jersey, and Nebraska are those 6 states that impose an inheritance tax on inheriting money from the deceased.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When we say the US doesn\u2019t have a federal<a href=\"https:\/\/goldenpi.com\/blog\/essentials\/how-do-rich-people-grow-their-wealth-understanding-wealth-creation\/\"> inheritance<\/a> tax, it does have a federal estate tax. A tax is applicable on the deceased\u2019s estate if the asset is over $13.6 million and the tax may range from 18% to 40%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s a look at who follows it:<\/span><\/p>\n<div id=\"footable_parent_7560\"\n         class=\" footable_parent ninja_table_wrapper loading_ninja_table wp_table_data_press_parent semantic_ui \">\n                <div class=\"pcrstb-wrap\"><table data-ninja_table_instance=\"ninja_table_instance_0\" data-footable_id=\"7560\" data-filter-delay=\"1000\" aria-label=\"Inheritance Tax Applicablity in US\"            id=\"footable_7560\"\n           data-unique_identifier=\"ninja_table_unique_id_1779083486_7560\"\n           class=\" foo-table ninja_footable foo_table_7560 ninja_table_unique_id_1779083486_7560 ui table  nt_type_legacy_table selectable striped vertical_centered  footable-paging-right ninja_table_pro\">\n                <colgroup>\n                            <col class=\"ninja_column_0 \">\n                            <col class=\"ninja_column_1 \">\n                            <col class=\"ninja_column_2 \">\n                    <\/colgroup>\n        <thead>\n<tr class=\"footable-header\">\n                                                        <th scope=\"col\"  class=\"ninja_column_0 ninja_clmn_nm_estate \">Estate<\/th><th scope=\"col\"  class=\"ninja_column_1 ninja_clmn_nm_inheritance \">Inheritance<\/th><th scope=\"col\"  class=\"ninja_column_2 ninja_clmn_nm_both \">Both<\/th><\/tr>\n<\/thead>\n<tbody>\n\n<\/tbody><!--ninja_tobody_rendering_done-->\n    <\/table><\/div>\n    \n    \n    \n<\/div>\n\n<p><span style=\"font-weight: 400;\">Other states don\u2019t have any of these taxes.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"The_why\"><\/span><strong>The why?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The introduction of inheritance came into play with these thoughts:<\/span><\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">There\u2019s been a huge gap between the wealthy and everyone else.<\/span><i><span style=\"font-weight: 400;\"> That\u2019s extreme inequality.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Riches spent on extravagant things <\/span><i><span style=\"font-weight: 400;\">aren\u2019t contributing to society\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Everyone\u2019s voices aren\u2019t heard equally in democracy <\/span><span style=\"font-weight: 400;\">&#8211; The influence of riches is overpowering\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The concentration of wealth within dynasties of the rich<\/span><span style=\"font-weight: 400;\">\u2014without any taxation or restriction\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Limited opportunities for those who aren\u2019t born with wealth<\/span><span style=\"font-weight: 400;\">\u2014climbing the social and economic ladder has been hard.\u00a0<\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<h4><span class=\"ez-toc-section\" id=\"How_has_it_all_started\"><\/span><strong>How has it all started?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">It was introduced after the First World War in most countries, including the UK, the US, Germany, and France. In the late 1940s, it helped them reduce the inequalities in the countries.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The countries that have been imposing these taxes today are at levels such as 55% in Japan, 50% in South Korea, 45% in France, 40% in the UK, 34% in Spain, 33% in Ireland, and 30% in Germany and Belgium.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the US, the top 10% of people were slashed by inheritance taxes; the net national income share rose from 33% in 1980 to 47% in 2020.<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"What_has_it_solved\"><\/span><strong>What has it solved?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Solves to equalize the inter-generational wealth appropriately\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">With these earnings, inheritances are taxed similarly\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It reduces the vertical inequity in taxation\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It encourages the heirs to work and save\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It\u2019ll encourage wealthholders to donate<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">These were the opinions of the people back then.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">John Stuart Mill, an economist and English philosopher in the 19th century, said, \u201cOne\u2019s absolute right over property ended with one\u2019s death.\u201d In 1893, Max West wrote in the Political Science Quarterly, &#8220;What you inherit is <\/span><i><span style=\"font-weight: 400;\">not<\/span><\/i><span style=\"font-weight: 400;\"> what you &#8220;earned.\u201d It was\u00a0 &#8220;unearned,&#8221; over which you have no perpetual right.\u201d<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_India_Scenario\"><\/span><strong>The India Scenario\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In the 1940s, India had a high level of inequality, especially with respect to asset and land ownership, which was addressed by the introduction of the estate, wealth, and gift <a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/5-tax-filing-requirements-for-bond-investors\/\">tax<\/a>, respectively, in 1953, 1957, and 1958.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the 1980s and 1990s, it was withdrawn as its contribution to tax revenue was hardly 0.25% and its administration and compliance costs were high. In the 1990s, despite improved economic growth, the wealth held by the bottom 40% and 50% was reduced while that of the top 10% and 1% increased.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_Perspectives\"><\/span><strong>The Perspectives\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The views on this are from two sides. One: Why should I give the government what I earn? This is from the rich. Second: We need equality in society.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the politicians are hitting on two different angles, it becomes both sentimental and logical for the residents to think about this matter, and the debate would just go on. Even if it is imposed, it should be sought after by proper enforcement of laws.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the past, people have been successful in avoiding it.<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">By giving it to the trust, which would then belong to the ownership of the trust.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Giving it away as a gift seven years before their death.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Borrowing against the home, thus reducing the asset value.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Leveraging tax benefits for certain types of property, such as business or agricultural property.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">This isn\u2019t a new matter in discussion, as this issue has been raised even before in India. Well, at the same time, it can\u2019t be used as a political opportunity to make a stance, as this is subjective.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The political dissension that has arisen due to comments on inheritance tax is known to all, at least by now, but this&hellip;<\/p>\n","protected":false},"author":4,"featured_media":11568,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[151],"tags":[],"class_list":["post-7558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-matters"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Inheritance Tax Debate - GoldenPi | Blogs<\/title>\n<meta name=\"description\" content=\"The Inheritance Tax Debate\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/the-inheritance-tax-debate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Inheritance Tax Debate - GoldenPi | Blogs\" \/>\n<meta property=\"og:description\" content=\"The Inheritance Tax Debate\" \/>\n<meta property=\"og:url\" content=\"https:\/\/goldenpi.com\/blog\/financial-matters\/the-inheritance-tax-debate\/\" \/>\n<meta property=\"og:site_name\" content=\"GoldenPi | Blogs\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/goldenpitech\" \/>\n<meta property=\"article:author\" content=\"goldenpitech\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-03T17:04:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-13T12:08:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2024\/05\/27123356\/Updated-Blog.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1160\" \/>\n\t<meta property=\"og:image:height\" content=\"550\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Abhijit Roy, CEO &amp; 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