Over $70T of inherited wealth over next decade will widen inequality, economists
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Re: Over $70T of inherited wealth over next decade will widen inequality, economists
#2That is the way of the world, capitalism specifically. The only way to counter is a fair tax system and good spending on education up to college level.
Re: Over $70T of inherited wealth over next decade will widen inequality, economists
#3That is the way of the world, capitalism specifically. The only way to counter is a fair tax system and good spending on education up to college level.
100% agree with you.
Re: Over $70T of inherited wealth over next decade will widen inequality, economists
#4The work of Piketty [0] and others shows that wealth inequality has surpassed pre-WWI historical maximums. The postwar "golden age of capitalism" has given way, from the 70s until today, to a neoliberal system that simply doesn't serve most people on the planet.
It's an unfortunate fact that significant change happens rarely without large convulsions, e.g. after a major war, because I don't see this being sustainable even medium-term.
[0] https://en.wikipedia.org/wiki/Capital_in_the_Twenty-First_Ce... and subsequent
Re: Over $70T of inherited wealth over next decade will widen inequality, economists
#5That is the way of the world, capitalism specifically. The only way to counter is a fair tax system and good spending on education up to college level.
Capitalism creates inequality, but in a socialism/communism economy there would be either no money or no goods. Everyone would be equally poor, not just some.
Re: Over $70T of inherited wealth over next decade will widen inequality, economists
#6Inheritance is in most cases the only way young people in a lot of European countries can even own their own home
Re: Over $70T of inherited wealth over next decade will widen inequality, economists
#7This is just wrong. If we skip the ultra rich totally and focus on normal families inheritance is THE way to help you decendants.
Right now (where i live) you pay a big tax on inheritance, this is ok if you only inherit cash. In 99% of inheritances this is not the case. You inherit family home, a cottage etc. Then you must sell because you cant afford to pay for it. Now the asset is gone forever and the next generation will most likely inherit nothing.
Its really hard to keep anything of value in the family because of this, that one house that was purchased for 60K is now somehow worth 600K (even it has all kinds of problems) and you need to take a loan just to keep it.
By taxing inheritance its sure that decendants that work basic jobs will forever be poor.
Re: Over $70T of inherited wealth over next decade will widen inequality, economists
#8That is the way of the world, capitalism specifically. The only way to counter is a fair tax system and good spending on education up to college level.
Counter-example: All the European, and world countries who have implemented the various inheritance, wealth taxes and heavy redistribution yet the inequality is still widening. Take France, Norway or Sweden as the ideal social democracies.
Argentina (the end game of social democracy) pre-Milei had a huge array of taxes and regulations which lead to the state misusing that money to actually enrich a small elite of politically aligned. Similar things and arrangements (under the form of subsidies to companies) will happen under Trump and levying more taxes will just give more opportunity for corruption.
Re: Over $70T of inherited wealth over next decade will widen inequality, economists
#9That is the way of the world, capitalism specifically. The only way to counter is a fair tax system and good spending on education up to college level.
Capitalism creates inequality, but in a socialism/communism economy there would be either no money or no goods. Everyone would be equally poor, not just some.
Why would there be no money under socialism?