The fiscalcostof abolishing death duties may seemtrifling, butitstillmeans thatforagivenlevelofpublicspendingothertaxesmustrise, whichmayharm incentives more.
Since cables that are already in the water can be upgraded at a trifling additional cost, those companies that are dropping them today could soon be pulling out treasure chests.
The fiscal cost of abolishing death duties may seem trifling, but it still means that for a given level of public spending other taxes must rise, which may harm incentives more.