Jacob Rees-Mogg roasted for claiming scrapping inheritance tax will ‘drive Britain into subsequent century’

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

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