Quote:
Originally Posted by you&me
So be ambitious and be successful... Just not too successful... 'Cause someone else feels they can arbitrarily set a cap on your success so that it's "good 'nough" for you and your family.
|
I think the question is should their be a mechanism to prevent wealth concentration?
Since wealth itself is not taxed directly outside of property and wealth obtains exponential growth, and access to Capital makes further Capital accumulation much easier you have a situation where the system regardless of income tax rates results in further concentration of wealth with each generation.
That’s the economic question
The second question is the moral question. It’s not possible for everyone to be as successful as eachother. Some of that is based on effort and skill. Some is based on luck during life and a lot is based on initial starting conditions. So how much should society reward the future generations of a person who put in tremendous effort but was also born in the right place and right time.
So based on the above some sort of estate tax seems like a reasonable policy.