Quote:
Originally Posted by Leondros
Sorry Enoch, the bolded is an outrageous statement and shows a lack of understanding to what most low income families truly go through. It is not at all fair to say the barriers to success are small. As someone who went to private school, had my university paid for, and had every leg up in the world, I can say when compared to my peers I certainly was starting from a huge advantage. That advantage cannot be overstated.
Are there cases of low income individuals being able to be successful? Absolutely. But statistics show that they are far more likely to not graduate university.
As for mom and dad working hard, for sure - they should be able to pass some wealth down to their children. However, I believe to an extent anything over and above a threshold should get taxed heavily. Jury is out on what that threshold could or should be.
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One could argue that higher taxation on inherited money will result in the generation inheriting the money to actually have to work a bit harder in order to 'live' as they won't have an entirely funded free ride.
I also think it really comes down to what people do with the money.
If you invest it in businesses and create economic activity, you get taxed less. If you use it to buy 3rd and 4th homes, you get taxed more.