I have read today an article that made me think: http://www.theguardian.com/commentisfree/2014/mar/26/inherited-wealth-injustice-lets-end-it
I do not agree with the fact that inheritance should be taxed at all (due to the fact that those money had already been taxed in the past) and the fact that the whole institution of inheritance is a bad thing but i do have some opinions i want to share with you.
The purpose of inheritance in my view is that i work to make my family a better future and my kids a better chance in life.
My kids should have the same goal as me when it comes to their own families and kids. I realize that if my kid inherits a significant amount his goal will probably won’t be the same with mine, he won’t think at the future generations as i do.
I propose the next variant of inheritance to overcome this problem.
The inheritance that i leave to my child should be left untouched and not taxed in any way as this already happened when i made the money and would be like stealing from my dreams. I give my inheritance to my kids telling them to take good care of my efforts to build what i could build and do their best to build their part upon that thus offering them the starting point i wanted in their own life.
The amount of inheritance i leave can be a quantifiable and should be quantified taking into consideration a common agreed framework (inflation levels, propriety values, etc, etc).
When the times comes and my kid dies people should judge ‘his inheritance’ as the quantity he added to the amount of inheritance he received while he was living. That it is his work, his merit and his inheritance to his kids. If the quantifiable value calculated is less than what he inherited in the first place then it just mean that my he failed to create added value starting his initial inheritance and thus he won’t be able to leave his kids anything, so his inheritance will be calculated as 0. Everything above that can and should be inherited by his kids in the same way it happened with my inheritance. So when my kid dies what happens with the portion of inheritance that still exists from what he was given to over the course of his life ? That portion of inheritance is ‘inherited by everyone else’ and effectively gets owned by the government. The government can then decide what is the best way to deal with it for our society common good.
This is in my opinion the the fairest way i can think of when it comes to inheritance and gives people a reason to continue working for the good of everyone else and his own because what good is that a rich person lives in a sea of poverty ?