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I think this IS controversial. I would counter that entrepreneurs are rarely effective over many decades, and children inheriting are nearly always incompetent. You could tax quite hard without changing the incentives in the system if you were careful?
Oh, FFS. It doesn't matter whether you think entrepreneurs are incompetent to run their companies for more than 10 years or so if they say, "fuck you, I'm not starting a company somewhere I don't get to keep it." It's like people have forgotten that airplanes exist or something
It is truly a testament to American exceptionalism that we believe we can actually institutionalize the concept that founders can't be trusted with their own ideas and expect them to stick around for longer than a single hot minute
If indeed incompetent heirs lose their wealth to the general economy, then you get redistribution anyway. The wealth will then concentrate w/in the control of the capable capitalists/founders and they will build up new industry that generates products, jobs, and tax revenue.
Surely it's an empirical question- how much reward does someone need to expect to take a specific risk? Lots of startups in Sweden etc where they're taxed all to Hell and back
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