Not2BSubjugated
Callous Individualist
Inheritance Is the Hidden Cancer That Has Destroyed All CivilizationsA Seed Doesn't Grow in a SandboxExactly...just because rich kids are born with wealth does not preclude other from acquiring it. Wealth is not finite.
It is a Negative Sum. Placing inferior people in unearned positions makes it dwindle away.
I think you might be contradicting what you just said regarding the class ladder and the heiristocracy (nice turn of phrase, I like that one).
If the heirs are the ones that set all the rules to financial success, why does the setup still allow for heirs to fail and their dynasties to crumble beneath them when they're not competent?
Seems like the rules favor not only those who inherit advantages from their predecessors (which, by the way, is the same in literally any economic system you might hope to erect), but also those who are competent (also the same in any system).
The exception proves the rule. When a few spoiled brats lose it all, it says nothing about their overwhelming undeserved advantages and their absolute control over the rules for letting wannabes make it. In fact, one of the class-climbers' mottoes is, "You have to want it bad enough."
To be fair, it is only logical that 1% of those born in the 1% who wind up in the 1% actually belong there. But even those deserving successes make far more than 1%ers should. There should be no billionaires. So if Bill Gates is worth $50 billion, he ought to be worth $50 million but maintain his same rank among the wealthy.
If Aaron Judge hit 300 homers in a season, he'd still have only 50-homer talent. So conditions would have to change, such as giving every player the right to appoint his son to his position, which would conform to the prevailing economic structure. In that situation, the pitchers would be far inferior to what they are today.
I don't agree that there should be no billionaires, and although the people who inherit the fortunes of wealthy predecessors often don't represent the most capable hands into which those fortunes could have landed, I don't believe that you or I or anyone else ought to have the authority to tell the predecessor who initially created and gathered that wealth what they have to do with it when they die. I don't share your obvious authoritarian streak, and I tend to celebrate great success, not decry it.
How Rich is Too Rich For Democracy?
Thomas Jefferson explicitly suggested that if individuals became so rich that their wealth could influence or challenge government, then their wealth should be decreased upon their death. He wrote, "If the overgrown wealth of an individual be deemed dangerous to the State, the best corrective is the law of equal inheritance to all in equal degree..."
"an enormous proportion of property vested in a few individuals is dangerous to the rights, and destructive of the common happiness of mankind, and, therefore, every free state hath a right by its laws to discourage the possession of such property."
Since the so-called "Reagan revolution" more than cut in half the income taxes the multimillionaires and billionaires among us pay, wealth has concentrated in America in ways not seen since the era of the Robber Barons, or, before that, pre-revolutionary colonial times. At the same time, poverty has exploded and the middle class is under economic siege.
And now come the oligarchs - the most wealthy and powerful families of America - lobbying Congress that they should retain their stupefying levels of wealth and the power it brings, generation after generation. They say that democracy doesn't require a strong middle class, and that Jefferson was wrong when he said that "overgrown wealth" could be "dangerous to the State." They say that a permanent, hereditary, aristocratically rich ruling class is actually a good thing for the stability of society.
While a $1.5 million trigger for the estate tax is arguably too low - particularly given the recent bubble in real estate prices - that doesn't invalidate the concept of a democracy defending itself against oligarchy. Set the trigger at 10 million, or fifty million. Make sure that family farms and small businesses are protected. And make sure that people who have worked hard and earned a lot of money can have children and grandchildren and great-grandchildren who will live very comfortably.
But let's also make sure that we don't end up like so many Latin American countries, where a handful of super-rich families rule their nations, and democracy is more show than substance.
The Founders of our republic fought a war against an aristocratic, oligarchic nation, and were very clear that they didn't want America to ever degenerate into aristocracy, oligarchy, or feudalism/fascism. We must hold to their vision of an egalitarian, democratic republic.
Now the Estate Tax is before the Senate. Encourage your US Senator to fight against mega-millionaire and US Senate leader Bill Frist, and to keep the estate tax intact.
If the primary reason that you believe that nobody should be allowed to become a billionaire is that Thomas Jefferson said that people who have enough money to challenge the influence of the state, allow me to put your heart at ease. Last I checked, the nation as a whole cranks out about 15 trillion dollars annually. The federal budget as of like, 2014, was a trillion and a half. Yearly.
People whose net worth is in the tens of billions do not have the wealth necessary to challenge the influence of an entity that spends a hundred and fifty times that in any given year.
Virtually every billionaire in the USA whose name isn't Donald Trump came out publicly in favor of Hillary, and we all know how that went. Seriously, these people are quite powerful, but they don't have the absolute authority that you're implying here. Not by a long shot.