He said Japan’s “40 to 50 per cent inheritance tax (on) wealthy people” helped keep a lid on inequality in Japan, which made politics more stable. It capped house price growth too. “Here people have a strong incentive to buy a house for kids, whereas less so in Japan,” Mr Yoshizawa said.He also said the financial sector could learn from Japanese banks, which have not been caught up in fraud and mis-selling scandals that have cost major US and European investment banks up to $320bn in fines since the financial crisis.“In Japanese culture staff have a long-term commitment first of all. And the compensation system is flat,” he explained. “There’s less incentive to make a quick result.”
Thursday, May 04, 2017
Inheritance taxed
Adam Creighton does something relatively useful today (don't worry, he's bound to say something stupid or otherwise objectionable tomorrow) by doing some straight reporting on what a visiting Japanese banker says:
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Inheritance taxes is something every rightwinger and left winger should agree on. You want people who have the wherewithall to invest and build companies not people who inherit money. A Very long time ago ABARE showed a statistically significant result in farms that there bought and were handed down ( inherited) and guess which ones had a much larger return. No wonder the Nats told ABARE to shut down the research!
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