Net Worth Tax

Started Nov 15, 2012 | Discussions thread
Midnighter
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Re: Wealth Redistribution---What Nobel Laureate Milton Friedman has to say:
In reply to RBFresno, Nov 16, 2012

RBFresno wrote:

HI!

Look at what Nobel Prize winner Milton Friedman has to say about wealth accumulation:

http://www.youtube.com/watch?v=MRpEV2tmYz4

Friedman rightly points out that a net worth/inheritance tax would, "encourage people to dissipate their wealth in high living".

The fact that you thought this up "out of the blue" and only took a "few minutes" to come up with is not a surprise.

Do yourself (and your country) a favor, and "Google" Milton Friedman's videos on you-tube, and then spend more than a "few minutes" in serious thought.

It is simplistic 'thinking' that results in the election of many of the fools we have in public office.

We have 'inheritance' tax here in aus, its part of capital gains tax. Its not 100% obviously, which is the rate your video link talks about. What would you expect at 100%, thats exactly what would happen, dissipation of wealth. At least that is what would happen for the middle class. For the rich what you would get is capital flight to other nations, because they were rich enough to make such a thing viable, and you can see that effect in Greece and the explosion of top tier real estate pricing in the UK caused by Greek capital flight. For the poor, well forget that, already running maxed out credit cards and pay-day loans inheritance tax is the least of their concerns.

I can only repeat what I wrote in another thread, that there need be no problem with wealth accumulation itself, but if wealth overly concentrates in the hands of too few a society has increasing danger of losing its cohesion, and the truth in a notion like that should be self evident.

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