Multi-millionaire Tory MP Jacob Rees-Mogg has been ridiculed on-line for claiming that scrapping inheritance tax will ‘drive Britain into the following century’.
Rees-Mogg is amongst a variety of Tory MPs who’ve been pushing to chop inheritance tax, regardless that the tax is simply paid by round 4% of estates and abolishing it might price £7 billion.
Talking on his GB Information present, the Tory politician warned that inheritance tax has “financial penalties” which undermine “progress and funding”.
He instructed viewers: “It’s a foul tax… it raises comparatively little cash, and has a knock-on financial impact, for a low quantity of tax, which is the definition of an inefficient type of taxation!”
It’s price stating that the IFS confirmed that the wealthiest 1 per cent would get half the advantage of scrapping inheritance tax, with a median tax minimize of £1 million.
Reacting to Rees-Mogg’s feedback, one social media consumer wrote: “Can’t think about why Jakey can be in favour of abolishing a tax paid by solely the tremendous rich.
“It’s virtually as if he is likely to be a beneficiary.”
One other particular person posted on X: “It’s a foul tax for wealthy individuals sure Jacob.
“How’s your funding firm doing within the Cayman Islands by the way in which?”
Basit Mahmood is editor of Left Foot Ahead