Reply #20: Inheritance tax [View All]

The inheritance tax is an idea that I strongly believe in and is something that could help 'level the playing field' (for lack of a better analogy). I don't have as much of a problem with capitalism, as for the most part it does a good job of rewarding innovation. Obviously there needs to be some regulation and punishment system to keep things fair, but I don't think it is an inherently bad system.

Concentrated wealth, much like royalty or slavery, is a much bigger problem. IMO, this is where a system of haves and have nots develops, and is not tied to any notion of fairness as the latter generations didn't do anything to earn the money. I'd like to see a heavy inheritance tax imposed after a certain level. This would allow the heirs to have enough money to live comfortably, but not enough to concentrate power. Additionally, this could help keep taxes on people who actually earn it (working people, through income tax) lower, as more revenue comes in from the inheritance taxes.