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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Raymond Duray who wrote (42819)12/10/2003 12:52:23 PM
From: GraceZ  Read Replies (3) of 74559
 
I was reminded of the the campaign that Bill Gates, Sr. is on to fight against the crazy notion that Republicans have that we eliminate estate taxes in the hope of creating a whole parasite class of privileged aristrocrat brats in the U.S.

While I've seen first hand how an inheritance can ruin someone's life I hardly think it is the job of the Federal government to try to prevent their ruin.

The real question is, does the government provide the same level of return on those assets that the private sector gets? What is the benefit to the economy of taking those dollars and spending them on government programs as opposed to allowing them to stay in the private sector seeking the highest return. Needless to say, not all assets passed on will seek out the highest return. Some of them will go up people's noses finding their way to South American drug lords, some will be invested back in government securities for safety of yield so the end result is the same. But a good portion go out seeking return in such a way that makes the economy grow. It would be very hard to argue that public spending gets anything near the return of the private sector.

They'll be too busy lording it over the rest of us.

Thank you for pointing out the real objection Democrats have against reducing estate taxes. When you see someone with money you feel poor. I think the word for this is envy. Now ask yourself this, if you know that inherited money helps to make these people live miserable non-productive lives, why is it that you envy their money?
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