4 ms·

Virtuous is subjective, but there is the age old goal of leaving the next generation better off than yours. It seems like a personal choice of whether to spend

Virtuous is subjective, but there is the age old goal of leaving the next generation better off than yours. It seems like a personal choice of whether to spend money responsibly, spend frivolously, give it away, or pass it on to whoever you want at any time to do any of those options. I'm not sure where I stand on a wealth tax, but I would always be hesitant to tax money that in theory was already taxed when earned. I could certainly see the idea becoming more acceptable if the importance of community and a traditional, tight-knit family structure continues to erode.

strbean 6y ago
> but there is the age old goal of leaving the next generation better off than yours Hopefully we can strike a balance between leaving only your direct descendants better off and leaving everyone in the next generation better off. > I would always be hesitant to tax money that in theory was already taxed when earned This is incompatible with having an income tax and any other tax. Although, income tax isn't exactly well loved by economists, so maybe there is something to that.
- imtringued 6y ago
  >Hopefully we can strike a balance between leaving only your direct descendants better off and leaving everyone in the next generation better off. You're thinking that taxing the wealth of a billionaire is guaranteed upon death. Therefore from your perspective there are two options: taxing the wealth or not taxing the wealth. Except taxation is the exception, not the rule. If you know your wealth will disappear then you will try to get rid of it before it can disappear. With the estate tax there is a strong incentive to just hand over your wealth to your children before you die or by spending it all on donations so the government can't take it.
  - strbean 6y ago
    I was just thinking in terms of the morality / virtuosity discussion there. In practical terms, there are of course massive problems with enforcement and the flight of wealth, for both estate taxes and wealth taxes.

strbean 6y ago

> but there is the age old goal of leaving the next generation better off than yours Hopefully we can strike a balance between leaving only your direct descendants better off and leaving everyone in the next generation better off. > I would always be hesitant to tax money that in theory was already taxed when earned This is incompatible with having an income tax and any other tax. Although, income tax isn't exactly well loved by economists, so maybe there is something to that.

imtringued 6y ago
>Hopefully we can strike a balance between leaving only your direct descendants better off and leaving everyone in the next generation better off. You're thinking that taxing the wealth of a billionaire is guaranteed upon death. Therefore from your perspective there are two options: taxing the wealth or not taxing the wealth. Except taxation is the exception, not the rule. If you know your wealth will disappear then you will try to get rid of it before it can disappear. With the estate tax there is a strong incentive to just hand over your wealth to your children before you die or by spending it all on donations so the government can't take it.
- strbean 6y ago
  I was just thinking in terms of the morality / virtuosity discussion there. In practical terms, there are of course massive problems with enforcement and the flight of wealth, for both estate taxes and wealth taxes.