- Inherited wealth is unearned, unmerited, ie corrupt
wealth.
- Inherited privilege is generally accepted as being
unjustifiable now, yet wealth is the most desired form of
privilege, the one that is most able to provide pleasure
without responsibility.
- How can poor people be expected to lead law abiding lives
when they see vast fortunes falling into people's laps
for doing absolutely nothing, merely by the accident of
having rich parents or relations?
- These days, most people can live comfortably without inheriting
anything. If all the wealth that is currently inherited went towards tax
reduction everybody would benefit more fairly.
- Luck isn't an adequate basis for reward in a civilised
society.
- Death duties are, (or at least were), 100% in Japan but
apparently everybody manages to avoid them. How could 100%
death duties be collected reliably and efficiently?
- People could perhaps be allowed to nominate how they
wanted a proportion of their death duties to be used, ie
on the provision of nursery schools, on the NHS or
whatever.
- A small group of people dominate society largely as a
result of inheriting wealth, they ensure that society is
organised so that they can protect their advantage, this
(corrupt) domination needs to be broken. If these people
are so clever (and virtuous) they should be able to rise
to the top without the benefit of inherited wealth and
their other privileges.
- Everybody should be able to request that another person's
financial affairs be checked if they seem to possess more
wealth than they should.
- Everybody's financial affairs should be open to scrutiny
by everybody else so that fraud can be easily detected.
- The children of the prosperous classes have an enormous
advantage anyway without inherited wealth, if they are so
superior they should be able to make their own money as
the poor are expected to.
- The rest of the tax system would be adjusted to
compensate for the disappearance of inheritance. For
example, a deposit for a house might be given to couples
when they get married, or young people might pay no
income tax until they reach a certain age, twenty five
say.
- If passing on wealth by inheritance is made unlawful
because it is a form of corruption then the passing on of
wealth in the form of gifts is equally undesirable and
hence unlawful. There must be limitation of the value of
gifts.
- Property and wealth would pass to the state when it's
owner dies. Property would be sold, probably by auction
usually. The proceeds would become part of the state's
tax revenue.
- Elderly people may sell all their property and spend all
their money profligately then expect the state to look
after them until they die. Is this good for the economy
and hence the state or should it be prevented?
- If profligate spending on luxuries was taxed heavily it
might not do much harm.
- If the burden of care fell on the children of the old
rather than the state it would be a disincentive to rash
behaviour.
- If the care provided by the state to spendthrifts was
very basic this would also be a disincentive.
- Profligate spending could be prevented by limiting the
amount of money that could be taken from bank accounts
per annum if there was no other effective way.
- For this policy to be administered fairly, all
transactions would have to be recorded. If all monetary
transactions were made electronically it would be
straightforward to keep track of them. Acquisition and
disposal of property, ie by barter or gift, would also
have to be tracked, this might be more difficult but
shouldn't be impossible. It would probably only be
necessary to track items above a certain value.
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