Wisdom from Robert Reich regarding "the perils of dynastic wealth"..
https://robertreich.substack.com/p/why-timothy-mellon-is-the-poster?
@REDonaldAuthor Wealth Tax Now is what I am trying to say. 🙂
@S_r_stone @REDonaldAuthor Another possibility could be to cap inheritance at a relatively low figure (relative to the fortunes of the wealthy), say $750k (or one house, the land it's on, and everything in it - subject to certain limitations so they can't, say, stuff the place full of gold bars).
You can't really build dynastic wealth if you can't pass down a huge fortune.
@IrelandTorin @REDonaldAuthor Yeah, but that sort of thing got wiped out under Trump. And regular people defend it, not knowing it never affected their inheritance with the large exclusion.
I say tax them immediately and continuously. Death tax avoidance is too easy with trusts and gifts.
I'd even allow a $10,000,000 exclusion so business owners don't panic.
@REDonaldAuthor Agreed.
I have long held it is bad for the overall economy as well. Far from a true "meritocracy" with talent rising to the top, it breeds that aristocracy of wealth that Jefferson referenced. And the power is wielded not by our true best and brightest but those who by accident of birth got the most advantages.