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this post was submitted on 16 Feb 2024
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politics
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Communism! How dare he! Giving power to the people who built his wealth from? Might as well give him a parade in Red square!
But seriously people shouldn't be able to transfer their corporations to their families. Once you die/retire it goes to the workers by law. If you didn't amass enough wealth in that time frame maybe you should have budgeted better. Why should current and future workers continue supporting wealthy peoples children.
Estate taxes are the way to deal with that. Otherwise you potentially get massive distortionary effects from people trying to dump all their ownership into liquid assets right before they die, assuming that's what you meant by wealth. It also gets odder when you no longer have a single owner. Jeff Bezos is fabulously wealthy and holds lots of stock in Amazon, but he does not own Amazon outright. You could say that when he dies, his stock goes to the workers. Okay, what about stock held by funds like Vanguard or pension funds? What does death even mean then? It's a whole mess, or you could go with the simpler estate tax.
That's just a larger issue with run away capitalism. If politicians, judges, and presidents weren't in for the money as well. Immorality should never be rewarded. #Vote
I think that's why the extremely wealthy all have foundations.
Hmmm, how so? My impression is that it is so that they can write it off on their taxes, but still how control over how the money is spent.
I mean, private ownership of capital should just not be provided and enforced by government in the first place, that would be a lot simpler than some automatic death-bed transfer. End capitalism, before it ends us.
Socialism, actually.