Which poses another thorny question: Should the government have the right to confiscate wealth upon death?
+ the pernicious falsehood that most wealth is aggregated in dynastic hoards. 2/3 of American billionaires are self-made & the vast majority of inheritances bleed out within 2-3 generations. Dynasties rely on gov to support them; they can’t usually fend for themselves in marketshttps://twitter.com/Crit_Rat/status/1091793895556550656 …
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Sure? But people can just gift it before they die; catching all the ways they might manage this (without incurring huge compliance & avoidance costs) turns out to be tricky. So it's nice to know they'll manage to fritter it away in a couple generations either way.
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Similarly, the rich do not have the political influence that they are thought to have. It takes a lot of money and time to run a political campaign, which is why political campaigns are rarely sustained by the funds of a single person.
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I keep seeing this stat thrown out lately that by generation 1, 70% lose their wealth and by generation 2, 90% have lost it. Anecdotally it seems to make sense. Do you have research to back this up?
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Nevermind this article seems to clarify most of thathttps://www.cnbc.com/2014/07/16/how-to-stay-rich-for-three-generations-.html …
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Wealth is, in fact, much more dynastic in Europe than in the US.
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Do they not discuss division of labor in corporate society at the Ayn Rand School of Economics & Business? There are no billionaires without the labor of wage-earners. All it takes is one carny-barking conman with a corporation to convince people to work for him.pic.twitter.com/WiQSRbY1PZ
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Uh, yes, billionaires do tend to employee people. You got me there
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