| ricefarmer14 - 1/8/2016 10:38
What are the unintended consequences of a 100% estate tax? Less savings and investment?
That's a good question. This has been an idea I've had for twenty some years, but I've never really thought it through, since I've always known that it would be impossible to implement. Just thinking about what the possibilities might be for incentive to work hard, however, has been interesting. Most of the truly innovative people would probably continue working, as their obsessive/compulsive tendencies would push them. The world might just be a significantly better place to live with opportunities being spread around to young people who now have trouble competing with established money. We would probably have more of an "owners" economy rather than a "renter" economy, which, IMHO, would be a much better place. Kids of successful people would still have an advantage, probably, but they would not be born with such a pronounced silver spoon in their mouths. Assets in an estate would be auctioned off, so many of the problems we see building today would be greatly reduced.
But, you are right - I haven't given much thought to unintended consequences. |
Bill Gross on current investment climate.
