HIGHEST TAXED COUNTRY ON EARTH.
No doubt about it; the government will get it’s pound of flesh even in the advent of sorrow. My son had the foresight to take out insurance life cover, as well as putting generous amounts into superannuation to secure his future. Remember, these moneys have had taxed paid BEFORE they were secured into super and life cover. The companies of course paid tax on their earnings. When my son died a year ago, income tax took 23% of his life cover and super [paid to us as a legacy for his loss]. In other words, the tax man got 46% of every dollar he earned and we inherited as a result of his death. This to my mind is freeking obscene. I don’t mind paying tax on earnings from that legacy but to take nearly half of it before it does so [to secure our future for his loss] is unconscionable. What’s the bloody point of super benefits ?, why take out life cover ? He would have better secured both his future and our legacy in the event of his death, by putting all that money into an ITB account in our name. Not only would it earn up to 10% interest over a short term, the tax paid / year on the interest would only be ½ and ONLY on the interest. The monies thus bequeathed to us would attract NO tax just because he died.
This whole thing is distressing, upsetting and makes me very angry; as if we were not all taxed to death as it is. People should rise up in this country and march in the streets about this, which is just one social injustice that we all tolerate to the last degree. What does it take to take back our rights from a government that we elected to do OUR will not the other way around.
Sunday, November 2, 2008
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