We are entering into "the great wealth transfer" where about $5.2 trillion (that's the one with more zeros than I can count) is about to pass from the, largely undeserving, super rich to their entirely undeserving heirs.
"Research by Forbes magazine found there were 15 billionaires aged 30 or under but that none had created their own wealth, instead benefitting from huge inheritances."
Answer: Not one Darn thing, except for the taxation a financially broken and bankrupt government seeks to impose upon those who rightfully choose to pass their property (including liquid assets) on to their offspring and nearest living relatives - or anything they designate.
There's also those who conveniently revel in blissful elegance of their self-imagined malcontent.
People depend on the systems that society provides, at the very least, and often need to exploit others to get the rest of the way to obscenely wealthy.
@FantasticalEconomics Exactly. I found this fact out a few times in my 20s. From being at events & gatherings with mega rich people. No mega rich person I met, was truly self-made. It only took a few direct & uncomfortable questions from me to find out that fact.
It is actually why I'm wary of people who identify & present themselves as philanthropists, on first meeting. That's a red flag for me.
@msquebanh@FantasticalEconomics I remember an event where trustees and undergraduates had lunch together, and even at an event organized for that specific purpose, the trustees couldn’t bother to pretend to care about academics, student life, or anything but money.
@FantasticalEconomics Hard no, we should not be taxing people for money they already earned... hell I'd be all for getting rid of income tax and replacing it with progressive sales tax.
Agreed. This is one that almost everyone should be able to get behind regardless of how they view of fairness and goals of society more generally.
Those who value proportionality (outcomes proportional to work put in) should be just as appalled as those who favor equality (less wealth inequality in general) that people are able to inherit into billionairehood.
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