Quote:
Originally Posted by blankall
It's not just about inheriting money. The cost of housing and schooling is so outrageous that the vast majority of the people getting ahead are doing so heavily subsidized. Renting a slummy apartment and buckling down for a few years in school really isn't an option for many anymore, or at the very least it's significantly harder to do without accumulating large amounts of debt. Then post graduation job options don't pay as well as they used to relative to cost of living.
Personally, I think so estate tax could actually make that worse, as it would encourage parents to give their children more advantages at a younger age.
The solution is to decrease the cost of living.
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See I think rich old people should be spending money and putting it back into the economy versus hoarding it. It is hard for people to find a happy medium. People seem to either not save at all, or spend their entire life saving and do not know how to draw it down later in life.
I don't know how governments can effectively lower the cost of living outside of lowering taxes. However, with a progressive tax rate low income people barely pay any taxes already.