Quote:
Originally Posted by Hatterasguy
Most money is lost by the third generation anyway, so taxes which can be pretty easly avoided just speed up the process.
The first gen is shrewed and makes it, the second usualy isn't so bad, its the third thats bad they just piss it away because they are soft and spoiled.
Any family that can keep it past three generations is IMHO impressive and deserves it. You really have to carefully groom the following generation to do so, thats not an easy task.
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I'm all for inheritance. Why? Because it motivates the shrewd guy to work harder so he has more to pass on to his kids. Yes, you may say that it is lost by the third generation. However, that shrewd guy might not see that. Now if you tax all the inheritance, might that reduce the motivation of the shrewd guy? After all, he now has less motivation to work if he cannot pass it on.
Think about this. Would you rather the 3rd generation piss away 1 million or 10 million. They can't earn it. Let the shrewd guy break his back and make the 10 million.