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by jnwatson
2192 days ago
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It isn't about "deserving" anything. The societal problems behind inter-generational wealth are wide and deep. This was recognized by the founders of the US, in particular Thomas Jefferson. Adam Smith: "There is no point more difficult to account for than the right we conceive men to have to dispose of their goods after death." This is taxation for policy reasons, not income. |
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Economic mobility should be solely predicated on the expression of competence/ability in the pursuit of providing value to others in your society. It's not even that hard[1]. Get an education and a job, avoid the big economic sinks.
> This means that 40 percent of why some Americans are extraordinarily well off has nothing to do with smarts, hard work, frugality, lucky gambles or entrepreneurial ingenuity. It is simply because they were born to rich parents.
We should not fear the money landing in undeserving hands, it will rapidly be drained away if that is the case. Many(most?) very wealthy families employ wealth managers that ensure that money is profitably engaged with the society anyways, so in reality the money is not really in the heir's hands anyways, but is tied up in companies that are serving the country and employing others.
[1]: https://www.brookings.edu/opinions/three-simple-rules-poor-t...