WITH reference to the article “Inheritance tax can bridge the income gap” (The Star, July 1; online at bit.ly/star_tax) I think the writer is confused about the term “super rich”. Just Google it or another term, “ultra high net worth”. By some definitions, it is someone with a net worth of US$30mil (RM124mil) or more (according to a 2018 Bloomberg article). By other definitions, you will need to have US$50mil to US$100mil (RM207mil to RM414mil) in net investable assets (according to a 2015 BBC article).
Having a house worth RM2mil hardly qualifies one as “super rich”. In fact, a family home worth RM200,000 decades ago is easily worth RM2mil today. How are the children who inherit this property going to pay the tax?
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