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.