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Originally Posted by Slava
I already noted this in my other response, but the social engineering aspect is disturbing. Because someone else decides that my heirs "didn't work hard" or the government feels the need to dissuade certain "behaviors" is not a reason to tax this money. Frankly, its appalling. My heirs could use that money to cure cancer or have some amazing impact on the world. They might use it for hookers and blow, but regardless I want them to make that decision, not the government because I didn't get a chance to spend it all.
Its OK though, in my will I have everything converted to travellers checks and put into my coffin. I'm taking it all with me!
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Define social engineering.
If you agree that concentrations of wealth are economically inefficient, to which there is a huge field of economics to point to and if you believe that wealthy people passing down estates continues to not only concentrate wealth but make it worse as was painstakingly detailed in Piketty's work then you have a public policy problem on your hands.
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Frankly, its appalling. My heirs could use that money to cure cancer or have some amazing impact on the world. They might use it for hookers and blow, but regardless I want them to make that decision, not the government because I didn't get a chance to spend it all.
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So you're saying screw society I got my piece time for my tribe to ride it out?
And there's the argument to tax inheritance because inheritance is not as productive as it would be were it put to creating opportunity. That could happen in many ways that aren't some big government spending problem. It could be revenue neutral and create general tax cuts across the board.
It would also limit the concentration of wealth, which is a huge drain on a productive economy.
The only arguments I've see in this thread is that people are "jealous" and who are you to take my money, even when I'm dead! Gubament!!!