Originally Posted by
rickair7777
The point of my very hypothetical proposal is just to churn the upper crust, amp up the meritocracy a bit.
And help some kids to enjoy some satisfaction in their own self-sufficiency. I see too many of my friend's kids whose game plan appears to be barely get by until the 'rents kick the bucket, then live on the inheritance. Probably enabled by coastal real estate values.
Very few people tend to do well when they are given $$$$$ repeatedly and predictably. Whether it be from the lottery, trust fund, or even govt handouts. It tends to corrupt the soul if not earned.
Even Buffet and Gates have realized this and both have pledged to donate (not to the govt), but to actual organizations focused on doing good, a majority of their wealth. Those two have enough wealth to have probably carried at least a 1/2 dozen generations before running thin.
Also, in my observation, this is why Actors, athletes, and old money tend to be so much more "tax and spend" oriented when choosing who to support for govt. They have a sort of wealth guilt in which they think they were lucky and didn't deserve what they have earned, so they compensate by advocating large govt that takes money from the masses and gives to the poor.
Wealth accumulated through decades of hard work and building a business and/or saving and investing tends to lead to a more conservative mindset and those who believe that the govt just wastes vasts amount of resources for every bit of good that is accomplished.
Obviously this is generalization and just my personal observation.