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Politics : Formerly About Advanced Micro Devices
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To: TimF who wrote (248281)8/31/2005 10:49:31 AM
From: Elroy  Read Replies (2) of 1582841
 
Her family have the legal right to do with their money whatever they want as long as it isn't against the law. They have the natural right to do whatever they want with the money as long as it doesn't violate anyone else's rights. Giving your money to your children or grandchildren doesn't violate anyone's rights.

This whole discussion started from my idea that it may make sense to limit the amount of inherited wealth that can be passed on the inheritors children. The idea is that a grandchild of a hard working entrepreneur doesn't deserve to inherit $1 billion (or whatever) just for being born a child of the entrepreneur's child. If the concept were implemented, of course the law would have to be changed such that an inheritor of great wealth would somehow be limited in his ability to pass that wealth on to his own children, so after the law was changed the grandchild would not have the right of inheritance (the law was changed!).

And it was just a free form running idea, with the goal being to reduce the existence of the idle rich. The idea was sort of that the inheritor of immense wealth can only pass on to his kids a good amount (say $10 million) plus whatever he had declared on his income tax forms throughout his life (he should still be able to pass on whatever he himself earns, naturally).

So if you inherit $1 billion and spend your life cruising on a yacht carousing young impressionable Ukranian girls and don't earn a dime (you lucky bastard!), your kids get $10 million each and whatever is left of your inheritance goes toward rebuilding New Orleans. On the other hand, if you inherit $1 billion and use it to generate $5 billion in income during your life (you hard working sap), you get to pass on the full $5 billion to whomever you want.
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