Originally posted by whodey
How "rich" should someone be able to become?
Well it is a standard ploy to divert an economics debate into an abstract piece of moral philosophy.
But since you want to go there, tell me why it is okay for the Duke of Westminster at the age of 25 to inherit £9.2 billion while paying limited tax on this entirely unearned transfer of wealth into his possession.
Notice that this £9.2 billion fortune represents a massive increase in wealth compared to what his father inherited at a similar age, not because his father was some kind of tycoon entrepreneur, but because he sits on land in central London whose value has soared with absolutely no effort whatsoever. With this land, and a tax efficient collection of professionally managed trusts, he has gone on to own valuable land in other places of comparable potential for unearned growth in America, Japan and other places, greatly reducing the minimal risk of any one government having the balls to tax it properly. Money makes money makes money makes money like a fkg fungus.
Notice too that this wealth he has inherited, because it is beyond his power to piss it away at the rate it continues to grow, and it is organised anyway into professionally managed trusts that will ensure it remains intact and grows, will have multiplied many times again when this fresh faced lad (probably a very nice boy) finally passes it on to the next generation.
Now tell us more about the morality of property and wealth.
"Inheritance tax doesn’t discourage earning, it discourages dying, which I think we can all get behind."