To: demosthenes the elder
They are wrong about a broad concentration of wealth. Long before estate taxes were invented, families would go from riches to rags, usually due to dissolute sons and grandsons wasting their inheritances.
5 posted on
01/17/2003 8:10:59 PM PST by
expatpat
To: expatpat
"Long before estate taxes were invented, families would go from riches to rags, usually due to dissolute sons and grandsons wasting their inheritances." Which is exactly why the hyper-rich form tax-free foundations, so that their wealth will outlive their dissolute sons and grandsons.
7 posted on
01/17/2003 8:16:43 PM PST by
okie01
(The Mainstream Media: IGNORANCE ON PARADE.)
To: expatpat
IIRC, the halflife of the typical immense family-fortune averages about 3 generations of descendants.
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