The estate tax has been nearly the best way of reducing wealth inequality, second only to the income tax.
Like many wealthy individuals off of Hacker News, you more than likely have a Roth IRA account that houses Vanguard mutual funds. John C Bogle (or Jack Bogle), the founder of the Vanguard Group, has consistently and wholeheartedly supported the estate tax as a time-tested means of reducing income inequality. The estate tax has a deep and lengthy history stretching back centuries and (unfortunately) there is a dearth of economic data pointing to it being beneficial to society. It is nonetheless important to emphasize the mutual respect and shared responsibility between the wealthy and non-wealthy.
I am by no means a rabid Communist but rather a right-leaning individual that feels strongly about this subject -- there is most definitely precedent for the estate tax's usefulness. The basis of the argument against the estate tax is capital flight and that is just a weak red herring that ignores how immobile most wealth is.
Like many wealthy individuals off of Hacker News, you more than likely have a Roth IRA account that houses Vanguard mutual funds. John C Bogle (or Jack Bogle), the founder of the Vanguard Group, has consistently and wholeheartedly supported the estate tax as a time-tested means of reducing income inequality. The estate tax has a deep and lengthy history stretching back centuries and (unfortunately) there is a dearth of economic data pointing to it being beneficial to society. It is nonetheless important to emphasize the mutual respect and shared responsibility between the wealthy and non-wealthy.
I am by no means a rabid Communist but rather a right-leaning individual that feels strongly about this subject -- there is most definitely precedent for the estate tax's usefulness. The basis of the argument against the estate tax is capital flight and that is just a weak red herring that ignores how immobile most wealth is.