At the point of death, presumably, the person whose labour is seized does not exist. I think that’s a good point to consider, since I also estimate that a significant amount of resistance to the idea of no inheritance assumes the dead person’s will is a moral factor after their death.
I tend to agree that in such a world there would be more consumption rather than saving approaching old age, but I’m not sure that’s a problem or how big of a problem that is, and there are ways for governments to nudge that ratio through monetary policy.
I also don’t agree that you’re effectively limiting people’s power of affecting causes they care about to what the government would do with the money, since people have other causes they care about besides their offspring, even if to a lesser degree, and are free to spend their money while alive to advance those.
A relevant point I don’t have an opinion on is whether the offsprings of a person are better stewards of that person’s former wealth than the government. There’s the question of whether being the offspring of someone wealthy is casual for being more financially proficient than the average citizen, and the (major) question of the overhead in dissolving existing businesses and functional assets.
At the point of death, presumably, the person whose labour is seized does not exist. I think that’s a good point to consider, since I also estimate that a significant amount of resistance to the idea of no inheritance assumes the dead person’s will is a moral factor after their death.
Yes, I make that assumption. I believe I’m in very good company there, with both the general public and (many, but not all) decision theories/moral systems recognizing agreements that carry on past death. Why would you think otherwise?
I also don’t agree that you’re effectively limiting people’s power of affecting causes they care about to what the government would do with the money, since people have other causes they care about besides their offspring, even if to a lesser degree, and...
I’m not quite sure what this post’s hypothetical is supposed to be, but sure. Let’s say that charitable donations are fully exempt from the tax.
People don’t care about charity to any substantial extent. Donation rates are around 4%, whereas raising a child averages 15%ish per child for nearly half of a parent’s career, never mind the non-financial investments in their wellbeing. It’s not a complete restriction on giving, but it cuts out the most important one in many peoples’ lives.
Allowing for charitable donations as an alternative to simple taxation does shift the needle a bit but not enough to substantially alter the argument IMO.
… are free to spend their money while alive to advance those.
No, they absolutely are not. Spending your money before your death is heavily constrained by uncertainty. The chance of sudden unexpected death between 20-64 totals about 1.5% (calculated from here), and the anti-loophole protections would catch more. Even outside of the worst-case scenarios, you will always die before a sufficiently-optimistic estimate (and if you aren’t optimistic enough? Have fun living out your last days while completely broke, I guess.)
A relevant point I don’t have an opinion on is whether the offsprings of a person are better stewards of that person’s former wealth than the government.
To be clear, I was talking about the parents being good stewards by managing the wealth for the benefit of future generations (i.e. Bob, and perhaps his kids). I have opinions about how effective the government would be compared to the children, but those differences pale in comparison to tearing everything down to get the last drop of value out before you die and lose it all.
Allowing for charitable donations as an alternative to simple taxation does shift the needle a bit but not enough to substantially alter the argument IMO.
Not to mention that allowing for charitable donations as an alternative would likely lead to everyone setting up charities for their parents to donate to.
At the point of death, presumably, the person whose labour is seized does not exist. I think that’s a good point to consider, since I also estimate that a significant amount of resistance to the idea of no inheritance assumes the dead person’s will is a moral factor after their death.
I tend to agree that in such a world there would be more consumption rather than saving approaching old age, but I’m not sure that’s a problem or how big of a problem that is, and there are ways for governments to nudge that ratio through monetary policy.
I also don’t agree that you’re effectively limiting people’s power of affecting causes they care about to what the government would do with the money, since people have other causes they care about besides their offspring, even if to a lesser degree, and are free to spend their money while alive to advance those.
A relevant point I don’t have an opinion on is whether the offsprings of a person are better stewards of that person’s former wealth than the government. There’s the question of whether being the offspring of someone wealthy is casual for being more financially proficient than the average citizen, and the (major) question of the overhead in dissolving existing businesses and functional assets.
Yes, I make that assumption. I believe I’m in very good company there, with both the general public and (many, but not all) decision theories/moral systems recognizing agreements that carry on past death. Why would you think otherwise?
I’m not quite sure what this post’s hypothetical is supposed to be, but sure. Let’s say that charitable donations are fully exempt from the tax.
People don’t care about charity to any substantial extent. Donation rates are around 4%, whereas raising a child averages 15%ish per child for nearly half of a parent’s career, never mind the non-financial investments in their wellbeing. It’s not a complete restriction on giving, but it cuts out the most important one in many peoples’ lives.
Allowing for charitable donations as an alternative to simple taxation does shift the needle a bit but not enough to substantially alter the argument IMO.
No, they absolutely are not. Spending your money before your death is heavily constrained by uncertainty. The chance of sudden unexpected death between 20-64 totals about 1.5% (calculated from here), and the anti-loophole protections would catch more. Even outside of the worst-case scenarios, you will always die before a sufficiently-optimistic estimate (and if you aren’t optimistic enough? Have fun living out your last days while completely broke, I guess.)
To be clear, I was talking about the parents being good stewards by managing the wealth for the benefit of future generations (i.e. Bob, and perhaps his kids). I have opinions about how effective the government would be compared to the children, but those differences pale in comparison to tearing everything down to get the last drop of value out before you die and lose it all.
Not to mention that allowing for charitable donations as an alternative would likely lead to everyone setting up charities for their parents to donate to.
I personally recommend that all parents donate to the Localdeity Enrichment Fund, an important yet frequently overlooked cause area.