I think the inheritance tax is a poor way of trying to tax wealth, full stop. The very wealthy can take advantage of any number of methods to dodge it (gifts made 7+ years before date of death escaping it, for example). George Osborne and his children are never going to pay IHT on their fortune. It's easily portrayed negatively - 'death tax!', and can have many unfortunate circumstances where property is taxed twice in quick succession (e.g. 95 year old mother dies, leaves legacy to 70 year old man, taxed at 40%, he dies two years later with no spouse, property is again subject to IHT). Pursuing a Land Value Tax is a much better road to go down.
Excellent piece from George Monbiot on this subject here:
http://www.monbiot.com/2013/01/21/a-telling-silence/
Telling quote to throw in the face of any Tory who rubbishes the idea: ”Roads are made, streets are made, services are improved, electric light turns night into day, water is brought from reservoirs a hundred miles off in the mountains – and all the while the landlord sits still. Every one of those improvements is effected by the labor and cost of other people and the taxpayers. To not one of those improvements does the land monopolist, as a land monopolist, contribute, and yet by every one of them the value of his land is enhanced. He renders no service to the community, he contributes nothing to the general welfare, he contributes nothing to the process from which his own enrichment is derived. ... the unearned increment on the land is reaped by the land monopolist in exact proportion, not to the service, but to the disservice done." - Winston Churchill
It has, incidentally, been sad to observe the SNP government in Scotland singularly fail to reband (or scrap, as was their manifesto commitment in 2011) the Council Tax - last done in 1991. They did at least get a deal with the Greens to bump up the upper bands a bit this year, with the increase hypothecated towards educations spending.
And I see some are tempted by the American road of widely castigating those who backed Brexit as variously fascists, xenophobes or racists. Apart from how nasty and wrong these attacks are, they're also self-destructive - attacking people who are naturally inclined towards your own side of the aisle in an FPTP system which demands 'broad church' parties for success is electoral suicide. (And don't mischaracterise me as advising the left to reach out to the BNP - 52% of the country are not frothing racists.) Yet these tirades reveal the truth - the real divide in our politics is no longer left v right but nationalist v globalist.
See
Thomas Frank:
But the media and political establishments, I suspect, will have none of it. They may hate Donald Trump, but they hate economic populism much more. If history is a guide, they will embrace any sophistry to ensure that the Democrats do not take the steps required to broaden their appeal to working-class voters. They will remind everyone that Clinton didn't really lose. Alternately, they will blame Sanders for her loss. They will decide that working-class people cannot be reasoned with and so it is pointless to try. They will declare – are already declaring – that any Democratic effort to win over working-class voters is a capitulation to racism. Better to lose future elections than to compete for the votes of those who spurned their beloved Clinton.
Or
James Bartholomew and
Nick Cohen for a focus on the UK (who put more emphasis on social class here than I would). Or
Glenn Greenwald, or, for a more environmentally-focussed take, and some quietly haunting writing,
Paul Kingsnorth.