Wealth is just a bunch of claim checks on the activities of others in the future. You can use that wealth in any way you want to. You can cash it or give it away. But the idea of passing wealth from generation to generation so that hundreds of your descendants can command the resources of other people simply because they came from the right womb flies in the face of the meritocratic society. I'd have a higher tax at higher levels of wealth. I wouldn't mind having no tax up to a point and then one hundred per cent for an estate over a hundred and fifty million dollars.
Warren Buffet
