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> Dynastic wealth is wealth that has provably sat unspent and unconsumed for generations. It's effectively frozen in place. To the extent that this reflects goo
by aidenn0 10mo ago
> Dynastic wealth is wealth that has provably sat unspent and unconsumed for generations. It's effectively frozen in place. To the extent that this reflects good social norms around the stewarding of those assets, there's not much of a reason to want to get rid of it in the first place.
Wealth generates income that is used to grow more wealth and spend the balance on luxuries. Reduce the ability for it to do that and you reduce luxury consumption!
- zozbot234 10mo agoWhy assume that luxury consumption is the only possible use of that income? That just doesn't seem to reflect the facts. It's not like many old-money folks have billion-dollar yachts or private aircraft, or the other kinds of luxury spending that seem to be the focus here. Many of them are used to leading incredibly modest lives. Also, it takes meaningful skill or an appetite for risky ventures (or a combination of both) to generate substantial income from that accumulated wealth - passive return rates are extremely low. That reflects socially productive endeavors we don't want to tax.