This is not a personal finance column; I do not provide any tax advice. But if you want to avoid wealth taxes in the future, especially the tougher estate tax regime, it’s time to embrace change.

The first step is to have a good understanding of wealth distribution.Newest UK official data This month, the gap between rich and poor has stabilized remarkably in the 14 years since detailed data became available.Wealth – one’s net worth – a lot uneven distribution higher than income, but the spread has barely changed, contradicting predictions that inequality will rise sharply. However, wealth has grown faster than income, rising by 20% in real terms, from £252,900 in 2006 to £302,500 in 2020, and it is this shift that has sown the seeds for future troubles.

Beneath the benign title of stable wealth inequality lies an undercurrent of distribution. These at the same time could exacerbate wealth inequality in the future and make any gaps between the haves and have-nots feel less equitable.

It all stems from the rising importance of wealth to household budgets, increasing the intrinsic value of inheritance.have assets growing faster than revenue For years, the ability of people to own property, enjoy the security of liquid savings or look forward to a decent retirement will increasingly depend on the efforts of their parents rather than their own.

Does the study come from Resolution Foundation, University of Bath or Institute of Finance, parents’ wealth is now more important than ever if and when their children own property.This Importance of inheritance Lifetime living standards hinder the ability of poorer young people to compare with their wealthier peers. For society, the risk is simple: it is impossible to tell people that doing well in school, working hard and getting a good job is enough to guarantee a decent standard of living in the UK in the 2030s and beyond.

To the right of the political spectrum, the wrong response is indifference. Ignoring social mobility is a recipe for backlash and populism among those unfortunate enough to be born into the wrong family. Rhetorically at least, the Conservatives understand this. Labour also knows that the left’s instinctive mistake is to fight for higher estate taxes.this levy vote regularly is the least popular because it punishes the virtuous desire to help our children, making them better educated and more stable citizens. It is also believed to be a voluntary fee for the super-rich.

If we want to avoid these outcomes, we need to ensure realistic pathways for young people without the advantage of wealthy parents to a decent standard of living.

So we need a new transaction. On the economic front, we must redouble our efforts to increase sustainable growth rates and increase the importance of income rather than household wealth for lifetime success. Lowering some of the ridiculous trade barriers the UK has set up with the EU would be a start. Ministers must also strengthen the backbone of their plan to reform the opposition to Nimbeism so that the country can build more homes that people want to live in and that they can afford.

On the social side, further efforts are needed to embrace diversity and expand access to quality schools, universities and jobs. This requires sustained efforts to undercut the entrenched advantages of the wealthy and well-connected.

Of course, it would be utterly naive to think that this alone is enough to take away the role of luck and privilege. We still need a reasonably progressive tax and benefit system, including inheritance rights, to remove some of life’s injustices.

But if we want to live in a reasonably contented society and minimize estate taxes, the best collective way is not to call a tax accountant, but to embrace diversity and stop being one-of-a-kind.

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