Australia should consider an inheritance tax

The Grattan Institute’s Owain Emslie and Danielle Wood have done a great job examining inheritances in Australia, which flow overwhelmingly to older Australians and the wealthy, thus helping to cement wealth along class lines:

A sample of estates from Victoria’s probate office suggests the median estate in Victoria is worth about $500,000. That’s likely to be close to what it is Australia-wide.

But many are much larger. About 20 per cent are worth more than $1 million, and 7 per cent are more than $2 million. Property is the largest component, accounting for about half of the average value…

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