tag:blogger.com,1999:blog-13522238.post6010396581118729913..comments2024-03-28T17:53:43.541-04:00Comments on DarwinCatholic: Individualism vs. InheritanceDarwinhttp://www.blogger.com/profile/08572976822786862149noreply@blogger.comBlogger13125tag:blogger.com,1999:blog-13522238.post-9737948210857069522011-06-10T07:30:13.804-04:002011-06-10T07:30:13.804-04:00Given that every time this topic comes up, somebod...Given that every time this topic comes up, somebody drags in Paris Hilton, doesn't that suggest that the "Hilton effect" is actually pretty darn rare? If it was common, wouldn't other names be mentioned?Bob the Apehttps://www.blogger.com/profile/08303535277957530100noreply@blogger.comtag:blogger.com,1999:blog-13522238.post-42592120641954298872011-06-08T17:38:14.550-04:002011-06-08T17:38:14.550-04:00Yeah, I guess my thing is: Sure, the kids of the s...Yeah, I guess my thing is: Sure, the kids of the super rich don't "need" to get a billion instead of a few million, but then when you get down to none of us "deserve" our good fortunes in the absolute sense. One could, I suppose, write an estate tax which leaves family homes, farms, businesses and such alone, but otherwise confiscates 100% of the inheritance above some fairly high amount, but the public purse wouldn't get all that much money as a result (the super rich are also pretty good at tax avoidance, after all) and I don't really like the idea of specifically gunning for the assets of some very small group of people just because we don't like them much.<br /><br />As for McArdle's suggestion that <i>all</i> inheritance be confiscated -- while many people don't leave much inheritance, I think if anything our society could use a lot more emphasis on building lasting value for one's heirs on less on debt and selfishness. I think it would be better if more people were focused on leaving something worth having to their kids, and families/communities more generally.<br /><br />On Joel's suggestion of a 100k cap to inheritance -- that's pretty foolishly small. To provide a concrete example: Not long before my father died, his mother (whom MrsDarwin and I were living with and caring for at the time) died, leaving a fully paid off house in the 50s era suburbs of Los Angeles. That house sold for nearly half a million, and the interest on that money (along with a very modest widow's share of the state pension from my dad's three decade's teaching) is what allows my mother to provide for herself and my disabled (unable to work) sibling who still lives at home with her -- despite the fact that her earning power is low (after thirty years out of the work force) and she is only able to work half-time (while caring for her parents and an aunt who are all in frail health.) <br /><br />If that kind of very modest inherited "wealth" is considered a problem by some people, they're simply asking to trade inheritance for welfare in such cases. I don't see that it would be a net gain, and we're clearly not talking about "trust fund kids" and "Paris Hiltons" in such cases either.Darwinhttps://www.blogger.com/profile/08572976822786862149noreply@blogger.comtag:blogger.com,1999:blog-13522238.post-73556311252611317292011-06-08T17:19:20.207-04:002011-06-08T17:19:20.207-04:00Joel is correct in that the children of the super ...Joel is correct in that the children of the super rich don't actually need the money. But what are we willing to destroy in order to prevent a handful of Paris Hiltons?Jennynoreply@blogger.comtag:blogger.com,1999:blog-13522238.post-64442574478064508102011-06-08T15:20:36.299-04:002011-06-08T15:20:36.299-04:00Or the not-at-all-rich-until-the-tax-appraisers-de...Or the not-at-all-rich-until-the-tax-appraisers-decide-the-family-farm-is-worth-millions folks.<br /><br />(Local story: A young couple, in the 40s, bought a little horse farm for $4000. They were still working as a place to stable your horses until last year, when the city tax appraisers decided that their land was better evaluated as a bunch of little plots, giving them a YEARLY tax bill that was several times what they'd paid for the land...and retroactive for a few years.)Foxfierhttps://www.blogger.com/profile/10161683096247890834noreply@blogger.comtag:blogger.com,1999:blog-13522238.post-56188950228940547562011-06-08T15:17:25.137-04:002011-06-08T15:17:25.137-04:00The super rich avoid inheritance taxes almost enti...The super rich avoid inheritance taxes almost entirely by setting up trusts and other financial vehicles. This really only adversely affects the sort of rich, upper middle class business owners etc. You know the people who employ most of the country, give most to charity, and pay the most taxes. Those bastards.Mrs. Zummonoreply@blogger.comtag:blogger.com,1999:blog-13522238.post-26505142982229136722011-06-08T14:03:42.849-04:002011-06-08T14:03:42.849-04:00Grats on utterly ignoring the point Jenny made--Wh...Grats on utterly ignoring the point Jenny made--<i>Who does it benefit to destroy the business to make sure the children don't get any 'unearned' monetary benefit</i>?<br /><br />Other than jealousy, why do you care if the "rich" are able to give their children an advantage the kids "didn't earn"? What other advantages should folks have stripped because they didn't earn them-- should beautiful people be mutilated? Clearly, family businesses should be destroyed rather than passing down, too. If the good example isn't enough of a foot up, why should they get an extra leg up? <br />(All of which utterly ignores the mangled mess this makes of basic things like the right to one's property and labor.)<br /><br />Incidentally, Paris Hilton wouldn't be touched by this. Last I heard, her grandfather-- <i>that</i> Hilton-- was both very much alive, and had removed her from the will.<br /><br />Is "being rich" the real offense?Foxfierhttps://www.blogger.com/profile/10161683096247890834noreply@blogger.comtag:blogger.com,1999:blog-13522238.post-80319074424541745462011-06-08T13:50:14.385-04:002011-06-08T13:50:14.385-04:00Jenny wrote:
"Oh please with the Warren Buff...Jenny wrote:<br /><br />"Oh please with the Warren Buffet and Bill Gates bit. Their children have benefited and will benefit from their parents' extreme wealth with or without an inheritance."<br /><br />This is the most consice explanation I have ever seen as to why large inheritances should not be allowed. The children of the rich already have huge advantages in life - elite educations and, perhaps more importantly, Rolodexes full of the names of people in high places. If that isn't enough to get them ahead in life than no amount of money will help either. No more Paris Hiltons, please.<br /><br />JoelAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-13522238.post-32220382185712880032011-06-08T13:14:00.033-04:002011-06-08T13:14:00.033-04:00I'm pretty sure Megan is playing devil's a...I'm pretty sure Megan is playing devil's advocate, but maybe not. I don't know *any* libertarians that seriously favor the estate tax in any form.Maikihttps://www.blogger.com/profile/00136891953810280076noreply@blogger.comtag:blogger.com,1999:blog-13522238.post-47937036071652906342011-06-08T12:12:51.302-04:002011-06-08T12:12:51.302-04:00Oh please with the Warren Buffet and Bill Gates bi...Oh please with the Warren Buffet and Bill Gates bit. Their children have benefited and will benefit from their parents' extreme wealth with or without an inheritance. All the leftover money gets given away, so what. <br /><br />What about a family business where all the wealth is wrapped up in the business? Who does it benefit to destroy the business to make sure the children don't get any 'unearned' monetary benefit.Jennynoreply@blogger.comtag:blogger.com,1999:blog-13522238.post-17097486296009185652011-06-08T11:28:14.980-04:002011-06-08T11:28:14.980-04:00I would support inheritance laws in which the firs...I would support inheritance laws in which the first $100k is untaxed and everything over that is taxed at 100%. Warren Buffet and Bill Gates set good examples in this area.<br /><br />JoelAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-13522238.post-91322077954785975322011-06-07T18:13:31.715-04:002011-06-07T18:13:31.715-04:00mrs. zummo-
I think you may have stumbled on the p...mrs. zummo-<br />I think you may have stumbled on the problem.<br /><br />Isn't libertarianism usually messed up in dealing with family? Kids especially? (Very few, sadly, will go the 'sex is entering the contract' route-- makes things too long term.) Really ruins the whole "I depend only on myself, I owe only those debts I choose to take on" thing if you realize how much you owe to your parents, and the pay-it-forward thing is a bit off on tone.Foxfierhttps://www.blogger.com/profile/10161683096247890834noreply@blogger.comtag:blogger.com,1999:blog-13522238.post-51398381003106062512011-06-07T17:15:09.640-04:002011-06-07T17:15:09.640-04:00So if my husband and I pass away with dependent yo...So if my husband and I pass away with dependent young children, we couldn't leave them any inheritance? I would hate to saddle my friends and family with the financial burden of caring for my young children. When these folks think about inherited wealth they imagine Paris Hilton not family farms and small businesses. They also fail to realize that the "American Dream" is usually a multi-generational accomplishment. Yes, there are those who come to America with nothing and become billionaires. But most of the time, it takes 2 to 3 generations to move up the social ladder. Inheritance is a part of that. I'm opposed to all inheritance taxes. The money has already been taxed.mrs. zummonoreply@blogger.comtag:blogger.com,1999:blog-13522238.post-44936664926835149592011-06-07T16:28:41.279-04:002011-06-07T16:28:41.279-04:00I generally like Megan McArdle and believes she tr...I generally like Megan McArdle and believes she tries to think through issues rather than declare talking points; however, this quote is out there:<br /><br /><b>The trend towards a society based more on interactions with strangers, less on kinship ties, is generally a good one.</b><br /><br />Do we really need internet comboxes writ large all over society? Because that's where that line of thinking leads.Jennynoreply@blogger.com