I'm very, very big on property rights.

I'm just not sure that needs to extend for decades, or centuries, after your death. Give future generations the opportunity to succeed on their own terms, and take justified pride in it. Most trust fund kids don't do too much for society.

 

Obviously not since you are advocating stealing money from people.



First off over 80% of wealthy in the US are first generation. Secondly, when you advocate stealing money from someone, if it has been inherited, then it is no longer the parents' money. Third, this is how society grows, by passing on knowledge and wealth down through the generations. We all get smarter and wealthier with time (how it is supposed to work anyway).

 

Then it seems like US society is working.

You don't hear of the Rockefeller, Carengie or Mellon kids starting amazing businesses and growing future wealth. Sure they have lived fabulous trust fund lives, but future growth slows as the dependents grow, but the businesses get liquidated to pay for it all.

I don't think we'll hear of the Gates, Bezos, Musk kids making nearly the mark on the business world as they're fathers did. They and a few generations will live out fabulous trust fund lives. Seems like the best you can do if you are born into that level of wealth is hope your offspring don't turn to drugs for stimulation.

 

FIFY


I know. They would not be not be affected since they didn't inherit their wealth, I'm all for absolutely minimal taxation of earned income.

I'm not suggesting taxing it AFTER it's been inherited.

Agreed. You can pass *some* money down, just not enough to enables dozens of future generations to live off off of trust funds, and exercise power and influence while completely disconnected from said socioety.

You should absolutely be able to help your kids through college, help them with a down payment on a home, etc. You could even have an adjustable scale... if your kid(s) are teenagers when you die, they get more than if they're in their 50's. Disabled kids can inherit more, etc, etc.

 

In your world, WHO get's the money then, and what is done with it? Just curious

 

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.

 

Ah ok cool what else should I be able to do with my money and when should I be able to do it? We all fly with people who think it’s their place to decide this stuff for other people and it’s just as insufferable on this forum as it is in the cockpit.

 

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.

 

Historically by the third generation, businesses go downhill.

 

Anything you want as far as I'm concerned. I'm pretty libertarian on that. But after you die it's not really your money anymore, I just don't want what once was your money enabling bad behavior in future generations.