Why the 1% should pay tax at 80%

[Erich Bloodaxe BSN]

2. The estate tax on the 1% should be at least 80%.

I actually don't begrudge people wealth they earn themselves, although I also don't believe you can actually 'earn' some of the amounts people are given for their 'work'. But the real problem is intergenerational wealth transfers creating oligarchic dynasties.

As I've said before, though, I would be amenable to a loophole that allowed them to bequeath 100% of their accumulated wealth, as long as no more than, say, 5 million at a shot went to any one person. So your billionaire couldn't simply pass that billion on to one person. Either he'd get 800 million taxed away if he wanted to give his entire fortune to one person, or he could simply spread it across two hundred different heirs at 5 million a pop and not pay any estate taxes. Those two hundred new millionaires would stimulate the economy far more than a single new billionaire.