Richard Mondale Loc: Montana

I agree that concentration of wealth is a major problem. It is a problem for everyone: the rich become a target for redistribution, the poor lose liquidity, and the government loses tax income because rich people don't have Income. They have profits that are taxed at a lower rate. Al Gore and Warren Buffet do not pay Income Tax.
So, what to do? I blame the 16th Amendment. It requires, "tax upon Income from wh**ever source". That should be removed and replaced with something that will allow some different, better tax system. (Tax upon the exchange of wealth in the economy) I have devised a consumption based tax system that I call the Banker's Tax. When money is removed from the bank to be spent, the tax is taken. (There are rules to minimize the effect of cash and barter.) And I believe that while people should be allowed to collect as much money as they can during their lives, they should be required to disperse it upon their death. I like Warren Buffet's approach to inheritance. He gave his kids enough money that they can do wh**ever they want, but not enough that they can do nothing. I favor a cap upon inheritance. Estates would be broken up into packages equal to ten times the average income. This would give a kid the ability to live on interest. I think that is generous. Additionally we all have four grandparents and two parents, so we all have the potential to inherit six times. That would be on top of the gifts and investments of education and childhood experiences that the rich kid had put on him. If he can't make it with all of that input, then he is an i***t.

Super Dave Loc: Realville, USA

Egad... What a horrible idea....

The idea of not being able to leave the bulk of your inheritance flies in the face of common sense and liberty. It's not so bad for Buffet's kids, who have to scrape by on $2Billion each, but some families work for generations to build small to medium farms, businesses, and real estate to pass wealth on to their children. Your idea would send more successful Americans overseas to save their family's hard work.

Tax reform is needed. What we do need is to tax consumption (which you said before), but not tax wealth, income, money t***sfers, or death. The rest will take care of itself.

Richard Mondale Loc: Montana

Small businesses would be made into corporations and the shares given out to the kids or friends of the family. There would not be any Death Tax balloon payment that k**ls small businesses and farms. Thanks for your input, but I disagree.

Super Dave Loc: Realville, USA

Big Government should force small farms and companies to incorporate? What could possibly go wrong? Part of liberty is "free associations", not forced or coerced associations...

If you don't want the family farms and businesses destroyed I have a better idea... Government should keep it's filthy paws off of it.

Richard Mondale Loc: Montana

The simplest is most likely to be correct. The question is concentration of wealth. The simplest Government solution, used several times recently, is seize the wealth from the rich and redistribute. Is that your chosen solution? If not then what is? I advocate that the Government should get none of it. There is no death tax or other Government grab. You have to disperse it, but that can be to your friends and extended family. You can still have a dedicated manager, so there need not be any disruption to operation.

Super Dave Loc: Realville, USA

In case you haven't noticed, the bigger Government has gotten, the larger the wealth gap has gotten.

Rich people buy Government influence. The bigger Government is, then more influence they can buy.

The best way to help the little person gain wealth is to limit Government.

It's not complicated.

Richard Mondale Loc: Montana

Ya, isn't that interesting. My Dad claimed that he was in the room when they set that up. He said, "The leaders of Congress, both the House and Senate, came to the White House and said to FDR, 'We want you to get ready for war, so do wh**ever you need to do, and tell us what you need, and we will get it for you, and if anyone sends you any bills, just send them up to the Hill and we will clean them up." At that time we had 6000 tons of Gold in Fort Knox.

Super Dave Loc: Realville, USA

I missed the point. Was that related to the conversation?

Richard Mondale Loc: Montana