Never heard of ,,The Witch of WallSt" Wizards, pigs, wolfs, bears, bulls, monkeys, snakes. Sharks. And still something new to discover.
%% OK,LOL; NOT sure i would say most churches + synagogues '' need the money.'' True they use it +Bible [Jewish + Christian book ]does note a lot of giving , money + business. Actually any broker or bank does need money+ cant get by with out it. Lets face it\ many like this joke but hate plenty in it. A man sat down next to single woman in an airline+ said bluntly '' what are you looking for in a mate , if you got married?? She says, a redneck Christian with a gun rack in a pick up truck ; + Jewish with good mind + good money+ can shoot a bow+ ride a horse well He says ''let me introduce myself=Geromino Goldstein, but my friends call me Bubba'' I like green or black fossil fuels more than whale oil, no disrespect intended to Mrs Green or Bill Gates.
If you can make it to not reply back to me, this will be my only reply to you as well. That's a given and irrelevant and is not the point of this discussion. Ok so it's an issue with your own personal feelings and assessment about your own children and it has nothing to do with "generational wealth". That is a very misguided and unfortunate understanding of what legacies are. Legacy is not some old people's insecurity. It's about having created something worthwhile in your life and wanting to pass it on to your future descendants to either continue providing it or improving it. Not everything or I should say many projects that are started in one lifetime can be finished completely in one lifetime and many times it needs to be worked on by several generations to perfect it to achieve its ultimate goal and/or push it to new heights. And many times legacy is about having created something so enjoyable by others that others want to continue enjoying using or consuming what you've created after you have passed on. We have finite lives but our creation and our life's work does not have to be. Many traditional businesses, shops and services in especially more ancient countries like Japan are an attestment to this. You have shops that make traditional crafts that have been in existence for hundreds of years and people still continue to enjoy these crafts today and have evolved into new levels of sophistication with each new generation continuing to improve upon what the previous generation has worked on that it becomes an incredible phenomenon that we call heritage. Many things that we use and enjoy today were created hundreds or even thousands or even million years ago. If these founders do not believe in legacies, then all these would be lost and it would be a shame. Again like I said before, your post is full of contradictions. You don't believe not every government does well with managing funds but you believe in 100% inheritance tax to give all of your wealth to the government to manage. Anyway it's your personal decision as to what to do with your personal wealth based on your own personal feelings and experience about your children and about what you've created and worked for in your life but it does not in any way shape or form reflect the true nature of what generational wealth or legacy is.
Generational wealth is one of the largest reasons for crony capitalism and wealth inequality. Irrespective how I disagree with him on many other issues, Reich makes a lot of very valid points in this one. The entire issue of legacies are born out of a deep rooted inconfidence where one goes after passing and an exaggerated sense of arrogance and self-centeredness in wanting to make oneself a name to be remembered. True leaders and those who truly serve the needy and make this world a better place for future generations don't need to be remembered, they quietly go about serving and making their contributions in their life time. The remembering and honoring of them will come itself if they are deserving of such honor. Examples are Warren Buffet and Bill Gates. Their foundations were never intended to build legacies but to retain as much funding as possible to do good in their lifetime, not beyond.
I have to correct one huge misunderstanding on your side despite my promise to not reply further. Your accusation of contradictions makes zero sense. A punitive tax is not to encourage those to pass money to the government but to PREVENT and disincentivize them to do so. Your base of your accusation is like saying that someone, who postulates the death penalty instated by a government for murder, is interested in killing people. That is a real stupid argument. The opposite is true, such individual intends to make killing so punative that it reduces or eliminates killing because of the high cost.
Again you are not reading what I have written. What you state is a very biased and confused view of what is legacy. Legacy has nothing to do with cronyism or capitalism or crony capitalism. Cronyism can exist out of anything and has nothing to do with legacy. You are confusing one concept with another. Legacy is born out of the wish of having somebody carrying on what I have created. It has nothing to do with a lack of self-confidence (The word inconfidence does not exist.) or arrogance or self-centeredness. Quite the opposite, it stems from the self-confidence that what I have created is something worthwhile that my future descendants would want to carry on with what I have created and perhaps improve upon it and make it better than what I have created. And it's quite the opposite of arrogance or self-centeredness. It's because out of humility that I admit that what I have created in my lifetime is not perfect and has lots of room for improvement that I would wish my future descendants can continue with my work and like I said improve and even revolutionize what I have created. Many descendants of original founders end up improving the work of their ancestors by expanding the scope of their work and bettering it with their own contribution. But of course if the future descendants do not wish to carry on the work of their forefathers and would rather prefer to work on their own ideas then that's ok too. Legacy is never forced or coerced in any way. It's an honour for both the founder that his/her future descendants would want to carry on the torch to continue what the founder has started and the descendants to carry on what their forefathers have started to continue to serve mankind with it and at the same time make their own contribution to make it better. What Warren Buffett and Bill Gates are do is again something totally different. What they are doing is creating a legacy of their own in their own way that you have no understanding of. Legacy is not something that's artificial or forced. It's something that just exists naturally out of tradition, honour and respect, all things that you have no idea about judging from what you have written here through your troll posts as you are never able to see things as how they should be for what they really are. You regard self-confidence as arrogance and yet at the same time when somebody is humble and exhibiting humility, you regard them as lacking self-confidence. LOL
Inconfidence is a valid and accepted term (though its more often spelled as separate words). The rest is purely your opinion and not any inch more correct than my opinion. We have very different thoughts on this. And I have no issue with that. I just corrected your factually incorrect assertion of what you incorrectly defined as contradiction. And in the end you again lie about something I never said. I never regard a humble individual as lacking confidence. Not sure where this is coming from. It seems you don't hold speaking the truth in high regard to score some cheap points. You should not put words in others' mouth they never spoke. If you excuse that also as some virtue as you seem to worship legacies then I am not surprised of your opinion.
Ok I see what you are saying. But your idea of 100% inheritance tax would not produce the effect that you are seeking. You are saying with a 100% inheritance tax, people would be more encouraged to give to charities? LOL No with a 100% inheritance tax, it would just encourage people to either accelerate their spending to try to make sure to spend as close to 100% of their wealth as possible or to try to give away as much of their wealth as possible during their lifetime to their children if they are really determined to share their wealth with their descendants. They would still create generational wealth it's just with a shift in its timing. Instead of creating it after the giver is gone, now it's created while the giver is still alive. It won't change a thing. For people who want to donate to charity, they would donate to charity regardless of whether there is a punitive inheritance tax or not. For people who don't want to donate their wealth to charity, you can have a 1,000,000% inheritance tax and they still won't donate. You cannot force people but encourage, inspire and guide people, something that autocratic regimes can never understand obviously.