Australia’s death tax
Two things are certain in life: death and taxes. Now there is support for Australia to introduce a ‘death tax’ to fight income inequality between low and high income earners.
The death, or inheritance tax, is aimed at trying to take back money from people that own over a certain amount of wealth in order to raise revenue for the government. It is estimated to raise some $5 billion a year and apply to about 100,000 Australians.
The OECD recommended Australia consider such a tax, following in the steps of other countries, such as the US, UK and France.
Matt Grudnoff, Senior Economist at the Australia Institute joined Kim Williams to talk about the tax.
Producer: Mariam Hussein