What would a Death & Inheritance tax for Aus @ say 33% yield?
Since we don't have one at present, its impossible to calculate, IMO.
Instead we can have a guesstimate by taking another country's stats.
For the purpose of this exercise, I'll that the Republic of Ireland simply because its stats are available
Ireland:
Population: ...................4.938 million
Death duties P/A...........E467 million ($726 million AUD)
Rate...............................33%
Australia:
Population: 25.693 million
Aus = 5.2 times the population
So $726 mil x 5.2 = $3.775 billion AUS
Now let's assume that Australia is 30% richer than Ireland for the purposes of Death Duties & Inheritance.
This would yield Treasury $ 4.9 billion P/A in Death & Inheritance Taxes @ 33%
Aged pension costs Government about $49 billion P/A
The Aged pension could be raised by 10% so that the death/inheritance tax could be fairly redistributed to the aged.
rather than intergenerational.
IMO this tax should be called Death & Inheritance tax to prevent wealth transfer to avoid it.
A more strict regime would be required than that of the existing Aged Pension deeming.
Due to Super surpluses at death rising exponentially over the next 30 years, this strategy would
in a minor way reduce the increasing wealth gap in a humane fashion, IMO.
NB: 24 countries have death/inheritance taxes
https://en.wikipedia.org/wiki/List_of_countries_by_inheritance_tax_rates
