Quote:
Originally Posted by detbuch
It's not a lottery. It's not luck. Those born into wealth receive it as a result of the work and planning of their ancestors. That doctor who is making 500K/yr, if he has a family, is probably investing in various schemes and trusts that will, hopefully, secure his children. Perhaps the recipients born into this invested wealth should pay the same tax rate as those who receive a payroll check. But they shouldn't have that wealth confiscated or neutralized as some more radical "egalitarians" would like in order to "level the playing field." And it is probably not economically prudent to raise the tax rate on investments. That is, if we believe those investments are part of the working capital to start and fund business. And as for investment for bettering the lives of one's children--that is one of the greatest motivations for working beyond the subsistance level. Removing that desire to satisfy the conflicting desire to level outcomes would, in my opinion, create a stagnant, collapsing economy of a class of "workers" and entitlement owners who live for the moment and save and care for nothing more.
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I don't think anyone has ever really called for policy that will remove the desire to work beyond the sustenance level. As long as there's an upside people will try and achieve it, just like the Market...they'll simply go for the best available deal.
I'd also take issue with the idea that success isn't based somewhat on luck. That's not to say that talent, effort and risk taking doesn't increase the chances to get lucky...but ultimately luck is always involved to some degree, especially in new small businesses that don't have the luxury of a proven conservative business model.
Entrepreneurs are certainly a critical component of our economy, but they would be impotent without the sacrifices made throughout society to defend our freedoms, labor in unsafe mines to provide our electricity, work endless hours at low wages to keep services and factories running etc...
Ultimately any fortune, large or small, is built on the backs of others.
-spence
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