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will.stedden > bonkerfield

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4/11/2021 10:04:00 PM

I agree that estate taxes are good, but saying multigenerational transfer is anti-capitalist doesn't add up to me. The entire point of capitalism is that the capitalist gets to choose what they do with their wealth because they own it, including giving it to their kids. (Which I think is a bad thing by the way.) Socializing wealth at the end of life makes sense because the real source of wealth comes from a tacit agreement between the owner and society: that we will concentrate the decision making power of capital into the hands of those who are most able to return value to society. But fundamentally, the wealth should derive from society at large not from capital itself.